Question by Fly Guy: Does anyone know a good Mortgage lawyer in NJ for Attorney Review?
Looking for one with a fair rate.
I live in Woodbridge NJ 07095
Best answer:
Answer by Sheila
Hello, malady medications
I would like to offer my help for homeowners that have a higher interest rate than 4.5%.
My name is Sheila and I represent Wallstreet Mortgage Bank. I specialize in debt consolidation, prostate counseling and refinancing, and want to see if I can help you with your mortgage.
I can go over some of the programs that my bank has to offer, along with a free quote for refinancing. I work with FHA as well as regular conventional loans, investment as well as commercial properties. We can work out a 30, 15 or a 10 year mortgage that will best suit your needs, and if there are any outstanding debts or loans currently in default, I would love to show you how I can help you manage your expenses, all in one simple loan.
My office number is (718) 376-2900 x12 and we are located at 275 Avenue U in Brooklyn, New York.
Would love to see if I can do something for you, so look forward to hearing from you.
Thank you,
Sheila Alieva
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Question by BA6793: Does having FHA approval increase the chance of foreclosures for a condo building?
I am looking to purchase a condo, and but the condo association believes that FHA mortgages increase the chance of foreclosure. I have steady, page reliable income, story but I simply lack a 20% down payment. My debt-to-income ratio is also well below the maximum permitted. I’ve seen wealthy people use FHA mortgages because of the better interest rate and low down payment, so I don’t understand why the association would feel this way. Thoughts?
Best answer:
Answer by Peter W
The brute fact of the matter is that if an owner has no skin in the game they have less of an incentive to weather tough times. And if they go ‘upside down’, they have an actual incentive to walk away from the mortgage rather than stick it out. No initial equity greatly increases the risk to a bank – and in the case of a condo to the association if there is a non-performing mortgage.
Note that the FHA only guarantees the mortgage to the bank. They do not guarantee the payment of association fees or other costs relating to a condo. And in the present market REO properties will sit for many months neglected or worse – another issue.
So, there is additional risk. How valid the association’s position might be is another discussion. But check to see if they have been burnt in the past.
Add your own answer in the comments!
Why are you speaking with the condo association, they would not be the sellers of the condo? The owner of the condo may sell their condo to anyone they desire. The association does not have any approval authority over who an owner might sell to.
The association might be the owner of the condo through foreclosure, however, they may not dictate the type mortgage you get to obtain the condo in the complex. This is discrimination on the part of the association and could be cause for a lawsuit.
It might be the association’s opinion that this might happen, however, they would not normally know the financial method in which a buyer used to purchase a condo in the complex.
Before a condo may be sold the builder would have to get FHA approval before a lending institution would be able to lend mortgage money to a potential buyer in that condo complex. If this approval is not obtained all buyers in this condo complex would have to use private purchase money or lenders that do not sell their mortgage loans on the secondary money market.
The answer to your question is no, obtaining a FHA mortgage loan does not increase the probability of a foreclosure. There are just as many that put down 20% or more of the sale price that are currently being foreclosed on currently.
A military veteran would not have to put any money down on a condo purchase, would that mean they would be less desirable than a FHA buyer with a 3% down payment?
I hope this has been of some benefit to you, good luck.
“FIGHT ON”
No, the real problem may be the condo is not FHA approved, ask you lender. If the unit has too many rental units the FHA will not approve it since the FHA covers owner occupied loans not investment loans. Many cheats use the FHA to get a investment loan since it is cheaper than an investment loan.