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Started By
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Purchasing a Condo
Posted on 4/10/12 at 4:37 pm
Posted on 4/10/12 at 4:37 pm
This is a future option for my wife and I as we look to downsize and cut back on maintenance in the future.
How is FHA with condos these days? I know in the past condos had to be on the FHA approved list and there were many hoops to jump through.
Is this still the case? We'd be looking either in Northern Virginia or a city along the coast like Charleston or Savannah.
How is FHA with condos these days? I know in the past condos had to be on the FHA approved list and there were many hoops to jump through.
Is this still the case? We'd be looking either in Northern Virginia or a city along the coast like Charleston or Savannah.
5
Posted on 4/10/12 at 4:43 pm to VABuckeye
Have you been to Charleston? It is a bit, eh, snobby.
Posted on 4/10/12 at 4:59 pm to VABuckeye
I financed the purchase of my condo through the FHA two years ago.
It wasn't too bad.
It wasn't too bad.
Posted on 4/10/12 at 6:45 pm to VABuckeye
They still have to be FHA approved. Generally it's not a bad process with FHA.
Posted on 4/10/12 at 7:05 pm to tirebiter
quote:
Have you been to Charleston? It is a bit, eh, snobby.
Is not!Posted on 4/10/12 at 7:53 pm to NC_Tigah
Is, too, with a bunch of carpet baggers and nouveau riche I might add.
Posted on 4/10/12 at 8:34 pm to VABuckeye
quote:
We'd be looking either in Northern Virginia or a city along the coast like Charleston or Savannah.
I live in NOVA, travel to Charleston for business and have family in Savannah.
If you can afford it, NOVA >>>>>>>>>>> Charleston >> Savannah
Posted on 4/10/12 at 9:07 pm to foshizzle
Thanks all.
I've lived in NOVA for 30 years and have a house on a few acres in Fairfax County. Affording this area isn't a problem. It's just a question of where I want to be when I reach the point in my life and where I'm ready to slow down a bit.
quote:
If you can afford it, NOVA >>>>>>>>>>> Charleston >> Savannah
I've lived in NOVA for 30 years and have a house on a few acres in Fairfax County. Affording this area isn't a problem. It's just a question of where I want to be when I reach the point in my life and where I'm ready to slow down a bit.
Posted on 4/10/12 at 9:12 pm to VABuckeye
quote:
It's just a question of where I want to be when I reach the point in my life and where I'm ready to slow down a bit.
Sperryville, New Market, Culpeper, etc.
Posted on 4/10/12 at 9:58 pm to tirebiter
quote:I don't mean to be snobby, but you sound like one of those Atlanta type folks
Is, too, with a bunch of carpet baggers and nouveau riche I might add.
Posted on 4/11/12 at 12:20 am to NC_Tigah
Nah, I am not nor do I hang out with snobs. Just a laid back southerner until I get jacked up about something. Do know a few snobs and a-holes in that little town, though.
Posted on 4/11/12 at 8:03 am to foshizzle
quote:
Sperryville, New Market, Culpeper, etc
We'll want a warmer climate. Don't want to deal with winters.
We're looking at getting two places. One in the islands and one in the US. We are currently in the process of visiting islands to see which ones we enjoy the most. At this time Turks & Caicos, Roatan and New Providence (Nassau) have made the cut. We're going back to Roatan in July to spend more time there and Turks & Caicos in October.
We will probably get the island place first and then sell the house in NOVA and get the US based condo to downsize.
Posted on 4/11/12 at 9:59 am to VABuckeye
quote:
We'll want a warmer climate. Don't want to deal with winters
Have you thought about getting a condo in South Florida? Not only do you have consistently warmer weather than NOVA, Charleston, or Savannah, you might get a real steal given the depressed housing prices. Plus no state income tax, thus allowing you to fly more frequently to your island paradise.
Posted on 4/11/12 at 11:08 am to Quidam65
That's a good point. The US location may be dependant on where my kids settle in after college. Miami or Tampa would make a lot of sense though. Particularly Miami with the number of flights from there to various islands.
Posted on 4/11/12 at 11:13 am to VABuckeye
quote:Yep. When I'm ready to step away from the daily job, Florida will be very attractive. State taxes, especially those on CapGains in NC, eat us up by comparison.
That's a good point. The US location may be dependant on where my kids settle in after college. Miami or Tampa would make a lot of sense though. Particularly Miami with the number of flights from there to various islands.
Posted on 4/11/12 at 11:22 am to VABuckeye
I bought a place a few months ago that is a townhouse in function, but condo in ownership.
It wasn't on the approved list for FHA(it had expired and hadn't been renewed yet) so I had to go conventional and put more money down.
looking at some properties in florida and vegas in those depressed markets is quite enticing imo
It wasn't on the approved list for FHA(it had expired and hadn't been renewed yet) so I had to go conventional and put more money down.
looking at some properties in florida and vegas in those depressed markets is quite enticing imo
Posted on 4/11/12 at 11:38 am to VABuckeye
quote:
Miami or Tampa would make a lot of sense though. Particularly Miami with the number of flights from there to various islands.
If Miami, Fort Lauderdale has much cheaper flights, so if you have a destination (either US to see kids out of college or island hopping) use it if possible. If Tampa, Orlando is fairly close and seems to have cheaper flights.
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