What’s the best way to finance a condo and improvements simultaneously?
Question by Supercoolyo: What’s the best way to finance a condo and improvements simultaneously? Hey everyone, information pills link I’m looking into purchasing a condo, price and it’s asking price is $ 37,000. I put in an offer at that price, and I’m hoping that it will get accepted. The only issue is that it’s air conditioning/heating unit isn’t functional, so that will need to be replaced the moment it’s purchased, which should run about $ 4,000 or so. I’m a first time home buyer, and by the time the deal would close if accepted, I’ll have about $ 4,800 in savings, while I’m asking the seller for 3% toward closing costs, and I’ll likely have to pick up about $ 500 of the closing costs. I also have a 725 credit score and a debt to income ratio of under 5% before this purchase, being only about 20-25% with it, as I’m trying to keep minimal debt. The property is not FHA approved, because the condo complex doesn’t fit its criteria, and everyone who has tried a spot approval on other units have been denied. I know that an FHA 203K renovation loan would have been good, but it’s seeming like FHA won’t be an option at all. I’m being told that right now that a conventional loan is my only option, and that I would have to probably finance the unit through an air conditioning company. I’d prefer not to do that, because of high interest rates and high monthly payments due to short repayment plans. I know that home renovation conventional loans exist, but I hear that they have specific criteria about the Loan to Value ratios, etc. and that going 90% LTV due to a 10% down payment doesn’t leave room for the improvements. With that being in mind, I’m thinking that it eliminates the ideas of a home equity loan or line of credit. Does anyone have any ideas for options that I may have? I would prefer not to do a personal loan with a high monthly payment and gouging interest rates of 16% or more. If there isn’t a specific type of mortgage that can do it, then any ideas with no payments no interest for 6+ months would be nice too, as I would have freed up money for settling in at first, and maybe even could just use my tax credit to pay it off entirely. If you do have ideas for a type of mortgage that may help me out, please name a specific bank/credit union/broker who offers it. I’m in Arizona, 85203 Zip Code is where the property is. Thanks! In response to Debra’s comment, it’s bank-owned and as-is, and honestly, similar condos in the market with a working A/C and everything else in great condition, updated appliances, cabinets, fixtures, flooring, and more like this one is, go for about $ 60,000 or higher. I’m set on this property and know I’ll get no assistance from the bank. Any suggestions to make this scenario possible? Oh, and Amanda, 10% will have to go down on the property, or $ 3,700, and about $ 500 toward closing costs will still be due from me. That’s $ 4,200 of that gone, with $ 600 left over, in the scenario that I go conventional. Oh, and the seller can only pay up to 3% of closing costs (both bank property who’s selling it, and a requirement on a conventional loan, at least in AZ if not everywhere). Best answer: Answer by debraThe sellers are required to fix the AC unit and...
Read MoreDoes having FHA approval increase the chance of foreclosures for a condo building?
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 SheilaHello, 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 Give your answer to this question below! Check out these castle photos: Castle ruins Image by macropoulos This castle looms over the modest village of Agia Roumeli. They say the view from up there is spectacular, pilule but most travelers never get to see it, simply because the simply do not have adequate energy left for the climb, soon after creating the 18km walk through the Samaria gorge… Ideal viewed Large, On Black. Click right here for more photos of this spot in my photostream. See where this picture was taken. [?] For far more properties click here… Union Budget 2013-14 presented by P. Chidambaram in Lok Sabha: Highlights 500 Crore rupees have been earmarked for high tech crop diversification program. • Allocations also include 13215 crore rupees for mid day meal programme. 27, information pills 049 crore rupees for agricultural ministry … Health and Family Welfare Ministry had been … If you would like more informaiton please visit here… Mylan Reports a 23% Increase in Fourth Quarter 2012 Adjusted Diluted EPS to … Not only does Mylan have the capacity to accelerate our long-term growth targets by executing on appropriate, prostate strategic external opportunities, we also have capacity for additional share repurchase programs such as the one announced today. We look … If you would like more informaiton please visit here… How Much Fraud Was There Among Mortgage Originators? At the height of the bubble, viagra approved if you brought a piece of paper to market with a high percentage of no-doc “liar” loans in the portfolio, purchase the market would demand a higher interest rate because of the higher risk that these loans would go bad. But … More informaiton please visit here… The 5 Biggest Mortgage Stories for 2013 They offered “no-doc” and “low-doc” loans that required little to no documentation from the borrower. They allowed borrowers to simply state their income and assets, without any supporting evidence. Such lending practices quickly faded when the housing … If you would like more informaiton please visit here… ASB's green rural initiative It comes complete with all the rates, highlights and trend arrows, and includes both standard and lo-doc products. It's free, sign up below. … The new loan was "competitively priced" at ASB's cost of funding with no additional customer margin applied. More informaiton please visit...
Read MoreHow long does it take to get a Condo approved for a FHA Loan?
Question by Midian: How long does it take to get a Condo approved for a FHA Loan? Me and my husband are trying to Buy a condo in Utah. We have been approved for the FHA Loan and we have been waiting for the home to be FHA approved. . . . . we’ve waited almost 2 months. How long does it usually take for a Condo to be FHA approved? Best answer: Answer by I is Smart!Condos can take a long time. FHA has strict guidelines on condo associations and most of them are becoming insolvent. FHA only guarantees top tier loans sometimes and requires a lot of strict underwriting. You should be able to go to the FHA website and find out if your condo development is approved under FHA guidelines. Add your own answer in the...
Read Moredoes Obama’s loan modification program include a reduction in condo association fees?
Question by Marsha: does Obama’s loan modification program include a reduction in condo association fees? I’m throwing good money out the door for these fees and it seems not too many other residence are. The lack of maintenance and following guidelines is destroying the looks of my neighborhood Best answer: Add your own answer in the comments!
Read More