I want to buy a condo in aventura. I have 20 percent and 815 credit scores. I can't get financing because The developments don't have

Asked by Janet DePalma & Team, Nutley, NJ Mon Dec 19, 2011

reserves. Help

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Irina Karan, Agent, Aventura, FL
Sun Mar 25, 2012
Hello Janet,

You can still buy a condo in Aventura with your great scores and 20% down.
However, the best way to buy would be through Homepath or Homesteps programs (FNMA and Freddie Mac owned foreclosures).

You got to watch the websites for Homepath and Homesteps for good opportunities to come up, but they do come up. When the property is sold through these programs, you have an advantage as the principal residence buyer (as long as your offer is competative).

Will be happy to answer any of your questions,

Irina Karan
Beachfront Realty, Inc.
0 votes
, ,
Tue Dec 20, 2011
I have been at the center of every problem in my past. If a lender turns down a property for a perfectly qualified buyer that is a strong signal to take a step back. If you are having this much trouble getting in to the property what is your exit strategy?
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, ,
Tue Dec 20, 2011
Hi Janet, local Credit Union, smaller bank, portfolio or private money are the only options I know in this market. The question becomes do you wish to expose yourself to all that risk?

Best wishes whatever you decide. Merry Christmas. Jim
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Jacqueline W…, Agent, Aventura, FL
Mon Dec 19, 2011
Hello Janet... unfortunately many buildings these days do not have reserves. I would suggest looking into different financing options with 25% down or more to see if the guidelines will change. Check with your mortgage broker. Let me know if you have any other questions.

Best Regards,
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Annette Levi…, , New York, NY
Mon Dec 19, 2011
I would think twice about buying into a condo that does not have reserves. But if your heart is set on it, I have private money available.
0 votes
, ,
Mon Dec 19, 2011
Hello Janet,

Unfortunately this is a common problem. With condos still considered a heavily depreciating asset, you'll be hard pressed to find anyone to lend on one that is not financially strong. I would try a local credit union on this one. Best of luck.

Joshua A. Lerette
Senior Loan Officer
Residential Finance Corporation
800.930.7334 Ext. 1108 – Toll Free
813.402.4637 – Direct Line
727.488.7355 – Cell
888.692.5967 – Fax

0 votes
Scott Godzyk, Agent, Manchester, NH
Mon Dec 19, 2011
Janet in condo purchases these days this is a common problem. there are banks that do loans here in Nh for 20% down on complexes like this, try local Florida banks or credit unions that have a portfloio program.
Web Reference:  http://www.ScottSellsNH.com
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Beth Jenkins, Agent, Miami Lakes, FL
Mon Dec 19, 2011
HI Janet,
I don't think there is anything you can do to change those guidelines, the only thing I have had my mortge broker do to help in this situation is to do a limited review, which requires 30%..
It is tough, and reserves are one to fthe requirements for a conventional loan, you may just have to find a building that has reserves, and Aventura does have some solid buildings, they just may not be the newer ones.

Get in touch if you need any advice, I live in Aventura!

Beth Jenkins
South Florida Brokers
Web Reference:  http://www.arealtyteam.com
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