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re: Condo Finance Advice
Posted on 10/24/12 at 9:46 am to bryso
Posted on 10/24/12 at 9:46 am to bryso
Have you tried to sell it? What is the condo market like where you live. The only thing about the short term interest rate is you don't know if you will be able to sell it and we don't know what rates are going to do. Have to talked to a Mortgage Lender about your options? You may be able to get your Dad to sell the property to you and give you a gift of equity and do a conventional loan. Do you have good credit? FICO 700 or higher?
1
Posted on 10/24/12 at 3:08 pm to CajunTigerBabe
No way you're getting a convential loan on it... Haven't tried to sale it because Its just not a good time. The HOA has some work to do to get it looking better on the outside. Plus I would have to find a place To live in the meantime... Don't want to move twice.
I know rates could go up but we are talking a very small amount of money so the note wouldn't kill me even if they went up to 20%. But the plan is to pay the balloon when it comes due in 5 years.... Then either sale, rent , or owner finance. So a rate increase shouldn't matter
I know rates could go up but we are talking a very small amount of money so the note wouldn't kill me even if they went up to 20%. But the plan is to pay the balloon when it comes due in 5 years.... Then either sale, rent , or owner finance. So a rate increase shouldn't matter
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