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Old 06-16-2009, 12:39 PM
 
Location: Ridgewood NJ
592 posts, read 2,114,188 times
Reputation: 315

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Since we have many real estate professionals on this forum, i am hoping some can offer some advise.

The high rise condo is to complete in 6 months, builder wants a 10% payment now, and cannot offer any mortgage contingency in the contract. So basically what this means is if i cannot get a mortgage when it closes, i am out of 10%.

Now i have no problem getting the mortgage normally based on my credit / income, however i am not clear what the lender/government law is now regards to high rise condos, they change like everyday.

Will any bank/lender do a 30 year fixed with 20% down if the high rise condo is only 20% sold?

thanks, any insight will be appreciated.
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