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Old 02-03-2013, 10:28 PM
 
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Is it possible for a young professional to purchase a small condo or patio home in a safe area in west Boynton Beach / Delray / Boca for a monthly mortgage/ taxes / insurance /HOA cost less than $1200 per month. I've heard that it can be difficult to get a loan and insurance on condos, is this true? Are there any loan programs for first time buyers?
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Old 02-03-2013, 11:42 PM
 
Location: West Palm Beach FL
39 posts, read 114,773 times
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Quote:
Originally Posted by ssclulow View Post
Is it possible for a young professional to purchase a small condo or patio home in a safe area in west Boynton Beach / Delray / Boca for a monthly mortgage/ taxes / insurance /HOA cost less than $1200 per month. I've heard that it can be difficult to get a loan and insurance on condos, is this true? Are there any loan programs for first time buyers?
You'll have more problems if you're using an FHA loan I'd imagine. For purposes of insurance, condo's don't like FHA. If you're using a conventional loan you won't have any problems.

Obviously, the total mortgage you'll be paying is dependent upon the down payment you provide. 8-9 months ago you could buy a condo down here for well under 100k, but over the past few months prices seem to have gone up a lot. Condo HOA fees are generally $300-$400 month from what I've seen. Some of them include utilities and basic cable.

How much are you looking to put down?
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Old 02-05-2013, 11:32 AM
 
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If you can get a mortgage you should be able to accomplish this easily. I own a 2 bed/2 bath in boca which today probably goes for 130k with HOA fees of 350/mo (including cable +HBO etc.) Hard to get a mortgage though if it is not your principal home or maybe as a second home you can get one.
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Old 02-05-2013, 11:46 AM
 
Location: Palm Beach County
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You can get a loan on a condo but you will have to come up with a considerably higher down payment. There's some pretty nice townhouses you can get with an FHA loan and only have to put 3.5-5% down that should keep the payment around $1200.
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Old 02-05-2013, 06:47 PM
 
Location: West Palm Beach FL
39 posts, read 114,773 times
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I'm shopping for real estate myself and I put in a call to my realtor today. He said it's become all but impossible to buy a condo using an FHA loan. New rules make it a lot harder in FL. Virtually no condos accept financing from FHA loans today because FHA buyers can only choose condos that have been vetted and preapproved by FHA itself and the condo board has to re-certify every 2 years.
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Old 02-07-2013, 10:22 AM
 
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Originally Posted by Galan View Post
I'm shopping for real estate myself and I put in a call to my realtor today. He said it's become all but impossible to buy a condo using an FHA loan. New rules make it a lot harder in FL. Virtually no condos accept financing from FHA loans today because FHA buyers can only choose condos that have been vetted and preapproved by FHA itself and the condo board has to re-certify every 2 years.
if you are ok buying fixer uppers or foreclosures .. Fannie Mae REO Homes For Sale - HomePath.com.... FHA financing on FHA foreclosures
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Old 02-07-2013, 08:52 PM
 
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Does anyone have an opinion about Green Cay Village condos and townhomes located in southwest Boynton Beach?
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Old 02-07-2013, 11:11 PM
 
Location: West Palm Beach FL
39 posts, read 114,773 times
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Originally Posted by gaash2 View Post
if you are ok buying fixer uppers or foreclosures .. Fannie Mae REO Homes For Sale - HomePath.com.... FHA financing on FHA foreclosures
Thanks Gaash2, but I'm using a conventional loan to buy a house with a large down payment. I did however put in an offer on a HUD home foreclosure recently, but I don't expect it to be accepted on account of the fact that there's always cash buyers bidding at foreclosure auctions.
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Old 02-08-2013, 09:30 AM
 
151 posts, read 213,429 times
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Quote:
Originally Posted by Galan View Post
Thanks Gaash2, but I'm using a conventional loan to buy a house with a large down payment. I did however put in an offer on a HUD home foreclosure recently, but I don't expect it to be accepted on account of the fact that there's always cash buyers bidding at foreclosure auctions.
yep, you have to bid above the offer price on foreclosures generally if you are not going to bid all cash.
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Old 03-28-2013, 01:25 PM
 
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Default Green Cay

Quote:
Originally Posted by ssclulow View Post
Does anyone have an opinion about Green Cay Village condos and townhomes located in southwest Boynton Beach?
We bought a 2/2 Condo preconstruction.....we absolutely love it. Nice build, good layout and kept beautifully....working class families throughout. While there was initial bad feelings from surrounding communities towards GC the " issues" they feared have not developed....rentals have a high number of minority tenents, but, good families and respectful of the property.
No crime problems or issues out of the ordinary....what makes GC great is that it is surrounded by high end communities and has worn well for the first 5 years. Landscaping filled out nicely and looks great.
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