U.S. CitiesCity-Data Forum Index
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 06-16-2009, 12:39 PM
Location: Ridgewood NJ
592 posts, read 2,114,188 times
Reputation: 315


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

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.

© 2005-2022, 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