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Old 07-10-2010, 11:18 AM
 
Location: WNY
1,049 posts, read 3,414,301 times
Reputation: 267

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I have clients that live in western new york.

They want to buy a condo in scottdale az for 50k, it is what is left on the mortgage of that condo, this is definite deal. I might add these clients will have no problem with credit or being approved. Everyone wants it done NOW, as in this week or at least in the works.

Here is what is going on - the condo is occupied by a relative who will remain in the condo, but is selling it or wants to for what is left on her mortgage.

I have heard some crazy things - so I am going to ask the professionals questions ...... please asap with answers .....it is much appreciated!!

1) Can someone in NY get a mortgage for a condo in AZ that they are not living in?

2) Do they need to go through a mortgage broker or bank in AZ or should they go through their normal banking institution in NY ?

3) With someone with very very good credit, what is a condo interest rate right now approximately?

One mortgage professional on AR emailed me back with this comment, can any of you chime in and explain it to me??? It makes no sense to me, but what do I know? I just sell NY real estate? hahahahahahh


"""""""sorry cant do loans in az at 50 k especially on condos falls under high cost loans sorry""""""""


MANY MANY MANY MANY THANKS !!!!!!
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Old 07-11-2010, 08:37 PM
 
2,676 posts, read 5,072,622 times
Reputation: 915
1)Condos are generally more difficult to do right now. Do you have a large down payment (20-25%+) or do you need to go FHA with 3.5% down. IF FHA the condo complex needs to be FHA approved.

2). Rates for investment property (non owner occupied) will be higher then primary homes and are harder to get right now so you will need money down and will not be able to do FHA.

3). Most banks don't like to do loans for such a small amount of money. If you plan on paying off quickly look into a 5 or 7yr loan at a local bank.
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Old 07-12-2010, 10:27 AM
 
Location: Laguna Niguel, CA
768 posts, read 3,958,597 times
Reputation: 456
Can they take cash out of their home in NY and buy the condo with cash?
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