U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > Nevada > Las Vegas
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
 
Old 09-19-2010, 08:42 PM
 
399 posts, read 871,562 times
Reputation: 71

Advertisements

What is the minimum amount of a loan that eligible for mortgage financing?
I'm looking at a condo selling for under 60K and after putting 20% down on that, there will not be much left to finance. I probably will not have $60K cash, so is there a minimum loan amount before you can get financing?

I have already checked and the condo complex is mostly owner occupied, and is otherwise eligible for mortgage financing.
Some of the condos there are for sale under the HomePath program, so I could also go with a smaller down payment.
Quick reply to this message

 
Old 09-19-2010, 08:55 PM
 
Location: Kailua Kona, HI
3,199 posts, read 10,976,982 times
Reputation: 3379
Call a few local mortgage brokers and ask them. That would be your best source of information. See what types of loans are available and which one works best for you. Congratulations on having practically no need for a mortgage!
Quick reply to this message
 
Old 10-25-2010, 01:35 PM
 
1 posts, read 3,173 times
Reputation: 10
The minimum amount depends on the lender. Shop around and you'll eventually get someone to agree to a mortgage for less than $50k. Not all will, but someone will work with you.
One warning on the condos - if there are homes in there qualify for HomePath, and if many are up for shortsales or foreclosures, then you need to watch out for the HOA fees. These still need to be paid, and as a homeowner, you will be responsible for a larger portion of the deficit to cover building insurance, maintenance, etc., if many homes (e.g. all those HomePath qualifying foreclosed condos) are delinquent.
Quick reply to this message
 
Old 10-25-2010, 01:50 PM
 
399 posts, read 871,562 times
Reputation: 71
If it is a foreclosure, doesn't the bank become the new owner ("bank owned" REO) at that point and then become responsible for getting any delinquent HOA fees and taxes caught up before reselling it?
Quick reply to this message
 
Old 10-25-2010, 02:18 PM
 
579 posts, read 797,663 times
Reputation: 371
Quote:
Originally Posted by sdreloc View Post
If it is a foreclosure, doesn't the bank become the new owner ("bank owned" REO) at that point and then become responsible for getting any delinquent HOA fees and taxes caught up before reselling it?
This was my experience in another state. The trouble is that you might not get that money until closing. If you don't get a lien you may not have a claim at all. The new owner is not responsible. The association has to be vigilant in getting liens if needed and even then you may not get paid until the property is resold.
Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


 
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Options
X
Data:
Loading data...
Based on 2000-2016 data
Loading data...

123
Hide US histogram

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > Nevada > Las Vegas
Similar Threads
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2018, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top