This question is for anyone: I am a 59 year old man on a VA disability income(permanent condition on remission), I am the sole caregiver to my 87

Asked by Carlos Lagos, Cape Coral, FL Sun Jul 7, 2013

year old mother. We recently sold our condo in Portland and are wondering wether we should buy or rent here in Venice. If I pass, mom is on her own and no money if she passes before I do I am left without her ss income. The downpayment on a condo here would take about 45% of our savings. We could then afford $850 monthly payments with condo fees of $375 (45% DtoI).

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William Allen, , Knoxville, TN
Thu Oct 10, 2013
Hello Carlos. I am a veteran of Iraq/Afghanistan and I love working with fellow veterans. Please give me a caller send me an email and let's get you a loan. (810)335-3503 or wallen@proficiomortgage.com
0 votes
Bill Eckler, Agent, Venice, FL
Thu Oct 10, 2013
Renting short term is never a bad option until you get a better feel for the area and your options. The thing about getting into a condo situation is many of the HOA fees are on the high side. Don't forget to figure this and annual taxes into the equation when calculating your ownership operating expenses.

I will say, you are considering the right location. Venice has so much to offer its residents along with the small town feel.

Best wishes and I hope you find this information helpful.

Bill

941-408-5363
billeckler@michaelsaunders.com
0 votes
Erin Savidge, Agent, Venice, FL
Wed Oct 9, 2013
Hi there!

May I ask being from Portland what made you decide to live in Venice? There are other great location in Southwest Florida at affordable prices that could be better suited for your situation.

Give me a call I will be happy to assist you ( 941-961-4925) Let me show you some different options from Venice to Port Charlotte Florida.

Sounds to me like you both need a community that can satisfy both your financial as well as personal needs for BOTH of you.
This is a prime example of "why you should rent at first when relocating".

That is why real estate agents are still needed.
0 votes
Claudia Dani…, Agent, Venice, FL
Sun Jul 7, 2013
Hello Carlos,
Great question!
Does the $850 monthly payment include or exclude the condo fees?
Thank you.
Best,
Claudia
0 votes
, ,
Sun Jul 7, 2013
I am a mortgage broker in Sarasota, and here are some thoughts...

If you did a VA loan, you would be able to buy a place with 100% financing. You would want to make sure that your mother is also on the mortgage. If she is not, when you were to pass away, the note would be called due and payable. There are very few condos that are VA or FHA approved in this area, so it would make it a challenge to find a place you both like, but it is possible.

I also have conventional condo loans that require only 3% to 5% down.

Feel free to give me a call and we can talk about the variables so that you will be able to make an informed decision.

Sherry Bitner, 941-504-1445 Cell or 941-256-8420 x116 Office
Blue Skye Lending
NMLS# 197312
0 votes
Tammy Hayes, Agent, Port Charlotte, FL
Sun Jul 7, 2013
Your best bet is to speak with a mortgage broker and a financial advisor. Then determine what you would qualify for. There are very few condo properties that will accept VA financing. It is also hard to get financing under $50k for a mobile home. I would be happy to send you a list of lenders and a list of properties that do accept VA financing.

Tammy Hayes, Realtor
RE/MAX Palm Realty
tammyhayesre@gmail.com
941-276-6185
http://www.tammyhayes.remax-florida.com/
0 votes
, ,
Sun Jul 7, 2013
Bay Indes has quite nice little mobiles. You can buy them new from about $10k to 15k....lot rent is 700, but great location and no mortgage. Or, they gave a finance option too. guaranteed. Plus, they are renting for close to a grand a month.
0 votes
Danielle Sha…, Agent, Cape Coral, FL
Sun Jul 7, 2013
Finding any condo that qualifies for FHA/VA financing is tough. It might make more sense to look into something that is not classified as a condo.

Speak to a loan officer first about what your preapproval amount is & whether or not you qualify. VA loans are not difficult to close but obtaining an approval letter & finding the right property can be challenging, particularly if you need closing cost assistance.
0 votes
Thanks, however my question is whether to buy or rent given my precarious situation (health issues on remission) that could leave my mother alone at 87 years + of age and having to sell...we have an approval for a condo on a conventional loan since we can afford a 20% down...should I save that money and rent or...
Flag Sun Jul 7, 2013
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