Thinking of purchasing a condo in Central Florida as a second residence
Kicking around the thought of purchasing a condo in the Central Florida (Orlando) area since the prices are rock bottom and interest rates are reasonable. Looking at a purchase price at $70k. HOA would be an additional $225 per month. I'm figuring on some remodel costs up front so I would invest another $5k for that. The property is in foreclosure and in a very upscale suburb of Orlando (Lake Mary). I have very little debt and some cash sitting around (plus about $2,500 per month in disposable income) that I want to put to good use versus sitting in a savings account (this is separate from my money market and investment/retirement accounts). Bad idea? Keep my cash stuffed in my mattress (metaphorically speaking)? Or, take some calculated risk and buy a property with perhaps some rental income potential if I choose to do that instead of using as a second residence? Any thoughts from the community?
Categories: mortgage Tags: calculated-risk, cash-sitting, cash-stuffed, central, central-florida, mattress, purchase-price, rental-income, savings-account, some-remodel, the-community, thought, versus-sitting
Overdraft while in underwriting! Aaahh!
My file was sent to underwriting earlier this week. For some reason, I was under the impression that the check I wrote would not be cashed right away so I hadn't transferred the money over from my savings account yet. Boy was I wrong... I checked my balance this morning and the check had cleared! It wasn't returned, my bank went ahead and paid it, but I'm worried about what sort of effect it will have on my application. I transferred the money over from savings immediately, so now the account is back in the black. My LO told me to save all my bank statement from now until closing. When they see that this account had a negative balance for one day on the statement, will that be a huge problem? I feel like such an idiot for making this boneheaded mistake! Will this be a deal breaker for my approval?
Categories: mortgage Tags: application, approval, balance, bank-statement, black, boneheaded, impression, money, morning, savings, savings-account, the-impression, the-statement
Will I Qualify For A Mortgage
Looking to buy a condo for $179,900 and was wondering if i would get approved. Here is my info and any help would be much appreciated. Credit . 803 778 775 are my credit scores and i have never been late on any accounts. Income . $35,000/yr Source of income . $36,000 down payment through gifts Monthly debt payments . Car is leased @ $345/mth but the lease is up in April and I plan on buying it back with cash. One credit card with $904 balance and montly pymt of $22 but also plan on paying this off next month. Employment Been employed with the same employer for 10 years. Assets/Reserves . $10,000 in Savings Account, $13,000 in IRA's Location . Coventry, RI, Property Taxes $3100 Property . Condo - HOA $159 Occupancy . Primary residence Transaction Type . Purchase Hope I provided all the necessary information correctly. Any insight would be greatly appreciated as you guys are awesom on this board.
Categories: mortgage Tags: credit, credit-scores, debt-payments, Lease, payment-through, plan-on-buying, plan-on-paying, property-taxes, savings-account, the-necessary
Thought deal would be dead then surprise, surprise
Wanted to share this. I had recently posted on this forum about our excitemnt of getting our offer on a home accepted. Recent events about financing delays and meeting a certain deadline on the contract were about to throw us off guard and added to a frustration about the buying process. My wife and I even came to a plan to just drop the whole thing off (there is a way out of the contract without them getting my earnest money anyways) because of delays by the loan officer at US Bank in getting a fully approved loan to meet the certain deadline before I am to suppsoeldy lose my earnest money. Realtor calls me this Friday evening and suggests I call this person who is a broker. Call broker Friday night who gives me name of loan officer at Wells Fargo after broker asks how much money is in my savings account and asks what job do I do. Loan office calls me up Saturday evening and I tell him upfront that I need a fully approved loan ASAP but was not willing to put up with a lot of delays and vagueness about the process since we were ready to give up buying a house on the other hand. He tells me he is actually an underwriter and he proceeds to get info from me, later tells me he needs my old credit report (Dec 2009 pulled score) since I also told him I didn't want my score pulled again. Meet him today Monday in his office as agreed and I lock in a rate of 5.25% (no orig fees, $500 underwriting fee, $400+ appraisal fee) fixed for 30 years.......the previous loan application (which is still in process) was at 5.75% 5/1 ARM (no orig fees). Both loans are no prepayment penalties. This person I meet today congratulates me, saying he can get it approved tomorrow or the next next day. Whew.... I guess things turn out good in a way you didn't intend to happen, lol.
Categories: mortgage Tags: contract, excitemnt, friday, fully-approved, office, person, savings-account, suppsoeldy-lose, turn-out-good, wells-fargo