what porcentage of the value do i nned to have to buy a condo?
397583
It depends on your profile. Your credit, income and FICO score will determine the route that are available for you. In some cases, you don't have to place anything down and just pay for the closing costs. In others, you have to place down a percentage of the purchase price. You should research various loan programs to determine the amount that you will be required to place down on a property. Once you have established that, then go out and find a seller that is willing to accept those conditions. Again, it really depends on your profile to answer your question with true accuracy.
41577
As little as possible is often the most popular idea. However, it is wise to put down enough to make sure the property income will service the debt payments and taxes. You don't want to be paying out of pocket evey month unless you really need the loss for tax purposes. \n\nMost banks or savings and loans will require between 20 and 30 percent down payment in the US. The lenders are looking for the property to break-even or have some positive cash flow based on their projections income and expenses. The appraiser is often asked to make these estimates. However, I have purchased investment property with nothing but closing costs out of pocket using hard money lenders. I've even borrowed more than the purchase price when the appraised value was much higher than the purchase price. I have also run across some credit unions that loaned 100% for borrowers who had a good track record with the credit union. It's all in the deal.
789959
If you have not signed any papers yet, go to www.realtor.com and look up  condos in your area.  This site should have pictures and prices of the condos.  Also, look up houses in your area.  If you are bound and determined on a condo, try to find 3-4 that you like on the site.  Add the asking price of these, then get an average.  Is it in line?  If the market is weak for condos in your area, you might be able to get up to 20% off the asking price of your desired condo.  Take the asking price substract 20% and make the offer.  BEFORE YOU BUY A CONDO, MAKE SURE YOU KNOW WHAT THE CONDO ASSOCIATION FEES WILL BE AND HOW AND WHEN THEN CAN BE RAISED.  SOME BUILDERS HAVE IN THE CONTRACT THAT THEY AND THEIR ASSOCIATES ARE THE ONLY 1s WHO CAN DO REPAIRS AND THEY JACK UP THE PRICES.  BE VERY CAREFUL AND GOOD LUCK.
834094
I am amazed at some of the responses:\n\n1. "Its' pretty rare to get more than 90% of the property's value."  This is plain wrong! It is rare to get financing greater than 100% of loan-to-value, but it's very common to get financing for 95%, 97%, and 100%.\n\n2. "It has to appraise out at $200,000 [to get a loan for $200,000]." This quote needs clarification. If the agreed upon sales price is $185,000, conforming/conventional (FNMA) lenders will loan a max of $185,000.  Conforming lenders will loan on the LESSER of the appraised value or agreed upon sales price.  There may be some non-conforming lenders that will lender on the greater of the two, but you will pay through the nose for a high rate.\n\n*** Guys, if you haven't worked in the mortgage business, please be very careful as to the information you pass along.
941026
I suspect you want ball park idea rather than an exact quote.  As a rule figure 2.5 times your annual income is what you can get for a house, in your case lets say $135,000.\n\nYour credit score indicates you might want to aim lower to get financing, perhaps a small condo, then build score up.  The lower the credit score the more difficult it is to get financing and the higher the rates.  Building your score up doesn't take long, but does require effort.\n\nThese are just guesses, many variables come into play, but hope this helps a bit!\n\nCongrats on future new home!
905739
You cannot buy an apartment unit, only the entire building.  You can, however, buy a condo, townhome, co-op, duplex, tri-plex, quad-plex, etc.  You should contact a Realtor to help you search for a place.  If you qualify, you should be able to get a loan that is 100% financed, meaning you will not have to put money down, but will still have to pay closing cost, unless you get the seller to pay some or all of them for you or you finance them by adding them to the sales price of the property.
200266
Look at your income and determine how much you can afford ... be realistic ... things like garbage and water and landscaping are expenses you may not have had in the past.  Then decide where you want to live ... city, suburbs, rural ... single family home, condo ... research neighborhoods ... do you have kids? ... school districts, will you be commuting? ... traffic and public transportation ... work with a realtor ... they are the experts ... remember it is the SELLER who pays the commission for the buyer's and seller's agent ... good luck.
213627
how long do you plan to live in it? how important is it to be a homeowner? if you overpay 15% today and next year want to move to a different house, then chances are that it will also be cheaper and it won't matter to you.\n\nquality of life rules!\n\ni bought in Portland last year and the value has gone up 15% or more, depends on neighborhood.
181960
You need to do some math. What are you spending now on rent for a similar place? Now figure out how much the mortgage, homeowner's dues, and property taxes are. Then factor in the tax deduction for the mortgage interest and property taxes. You may qualify for a first time home buyer's tax credit, check with your county. Then compare what you're spending on rent versus what you would be spending on the condo. If they are close, then yes it is a good time.
914362
Again, you'll need a large downpayment.  $55,000 on a $400,000 property is only 13% down.  You'll need AT LEAST 20% down (most likely more) with that kind of credit score.  Sorry, but you wouldn't even be able to buy a single unit with that kind of credit without a larger down-payment...
72633
That depends on where you are wanting to find this Condo.  Are you wanting to be in the vacinity of a major city. Or are you literally wanting to be in the middle of nowhere? Do want to be able to hunt?  I am an agent and would love to help you my work email address is cstump@divinehomes.net.  I live in the midwest.  But I could help you find something just about anywhere!
512617
You dont really need an agent to buy a house/condo. But you DO NEED to know what you are doing. Find out as much as you can about buying, and NEGOTIATE, NEGOTIATE, NEGOTIATE! The commission stays in your pocket.\n\nRead your contracts thoroughly, and you will need to appoint a legal conveyancer to handle all the deed transfers and suchlike. \n\nThere are plenty of good websites to find out information, so do a search to find one relevent to your states laws.
1098290
same as a house.  condos are considered one family residential properties.
1057471
I don't know.  Ask your Condo Association President what's going on and be sure you attend the next meeting so you can bring your issue up for full discussion.  A lot of others are probably wondering the same thing.  I don't think it's a good idea to just stop anything.  If you do, you might end up being charged late fees or penalties.  Also, check that big binder that you got when you bought the place.
79429
It depends on whether or not she keeps the condo.\n\nIf she does, it would be a 100 dollar increase.\nIf not, a 200 dollar decrease.\n\nOn the other hand, she could just sell the new house, and there would be no change, and she would have enough in savings to keep her condo for about 25 years.
155991
Lenders usually sell the loans on the secondary market. Fannie Mae, Freddie Mac and FHa make up the majority of the conforming secondary market. They generally consider any condo complex 4 stories or higher to be a high rise and any less than 4 stories to be a low rise. \n\nHigh Rise units have additional fees passed onto the lender from these secondary market agencies. \n\nSo, in order to ensure they quote you an accurate rate they need to know what fees they may incur when selling the loan at a later time. Knowing how many floors are in a condo complex answers one of those questions. :>
588240
Pay off the car loan.\nWhen you buy the condo, pay extra every month what you are paying on the car now.\nThe interest you pay on you condo would be tax dedictible, but the interest you pay on the car is not.