From an investor's perspective, as well as a landlord and a Florida Mortgage Broker's perspective, stay away from Condos!
They are considered Toxic Properties by Lenders and:
1. have less of the population looking to rent, basically an Apartment
2. the financing is not near as good as the financing on a Townhome or Detached property
3. the finaning in the future, for anyone trying to buy it will not be as good
4. they'll likely never appreciate at the same pace
5. the HOA's are generally a lot higher
Stick with a 3/2 2 car garage Town Home if you don't want the upkeep, but don't want a Toxic property.
Response from a retail Bank Rep. after I asked her how many of the below programs they can offer. She wrote back:
Honestly Steve, after reviewing them, I donâ€™t think we can do any of these. We are pretty vanilla, Straight FHA VA conventional. I will keep your flyer and if I run across anyone we can't help I will send them your way. thanks
100% LTV- USDA/12 mo. into Chapter 13 BK is OK!
100% LTV- VA/can pay off debts on purchases too!
99% LTV- FHA ($100.00 down)
97% LTV- No PMI or MI and No 1.75% FHA FEE
95% LTV- No PMI
95% LTV- CONDO
90% LTV- 2nd Home
90% LTV- JUMBO
85% LTV- NO PMI to Super Jumbo
STATED INCOME ALT loan programs: http://www.StatedIncomeAlt.com
80% LTV- FIX nâ€™ FLIP Invest. Prop.
75% LTV- NEW- Stated Income Alt
75% LTV- NEW- Foreign Nationals- Stated Income Alt
75% CLTV-NEW- after Short Sale, BK or Foreclosure
70% LTV- Soft and Hard Money -Stated Income Alt
LOT/VACANT LAND LOANS up to $30,000/ $363.00 mo. pymt.
COMMERCIAL PROGRAMS (many programs available nationwide)
Pro Option Mortgage/Florida
Ph: 888 662 4404
Prior Service U.S. Marine Corps