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re: Condo Finance Advice
Posted on 10/24/12 at 3:08 pm to CajunTigerBabe
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
2
Posted on 10/24/12 at 3:12 pm to bryso
Try a local homestead. I closed on a foreclosed condo a month or so ago. I had to try a few different lenders. I eventually got a 30 year at 3.9% conventional loan. National banks/banks that spin loans off won't touch you but credit unions and homesteads will do it.
Posted on 10/24/12 at 3:32 pm to bryso
Ummm, we do conventional loans on Condos all the time with as low as 10% down. Have you tried? Is your credit good enough.I wouldn't rule it out unless you have bad credit. What kind of loan does your Dad have on it now?
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