U.S. CitiesCity-Data Forum Index
Covid-19 Information Page
Go Back   City-Data Forum > General Forums > Real Estate > Mortgages
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 07-10-2010, 12:18 PM
Location: WNY
1,049 posts, read 3,586,795 times
Reputation: 269


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""""""""

Rate this post positively Reply With Quote Quick reply to this message

Old 07-11-2010, 09:37 PM
2,685 posts, read 5,412,786 times
Reputation: 945
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.
Rate this post positively Reply With Quote Quick reply to this message
Old 07-12-2010, 11:27 AM
Location: Laguna Niguel, CA
768 posts, read 4,135,246 times
Reputation: 456
Can they take cash out of their home in NY and buy the condo with cash?
Rate this post positively Reply With Quote 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

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 > General Forums > Real Estate > Mortgages

All times are GMT -6. The time now is 08:35 PM.

© 2005-2021, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - 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, 36, 37 - Top