are mortgage rates for condos different than townhouses in Fla?
97395
around .25 %on average higher
274887
first see what the condominuim home owner requirement are..\nthey may have restrictions.\n\nalso if the condo is financed check with your loan officer if there are any restrictions..\n\ntry live deals on the net...i like it.\nand if you find a buyer without a realtor, have an escow company and realistate lawyer do the paper work and distribe the moneys accordingly.\nor\ninterview realtors and get one that specializes in town houses and comdominiums...\n\nor just sell it to me for a dollar!!!!
45891
Florida is also booming. Waterfront property can easily go up 200%+ in a couple years. We're also growing like crazy, think it's about 900-1000 people per month move here, causing even normal property value to increase dramatically.\n\nFission
119049
This really does depend on the state and the what's in the contract...but...\n\nI am NOT in Florida, but here there IS language in the standard real estate contract for a financing contingency.  There is shows how many days a buyer has to make application and then how many days until a buyer must have full loan approval.  Usually a buyer has to provide a loan commitment letter from his lender showing he got the financing before this contingency is removed.\n\nIn the states near me, IF the financing terms are filled out on the contract and IF the buyer can not get the terms stated or better, than YES he can void his contract with the financing contingency. The only exception is if he waited too long to get the loan rate locked.\n\nIF there is NOT a financing contingency (none in the contract, the buyer waived it, or the contingency was removed with the letter you have), then the buyer would be defaulting if he does not settle and its possible you would be able to go after his earnest money deposit.\n\nThe best advice would be for you to consult a real estate lawyer with your contract and all the facts.  It's the only way to be sure.\n\nP.S. -- I would not always blame the buyer -- many lenders out there give "pre-approvals" with great rates and then the buyer finds out AFTER full application that the rate they qualify for is much different OR that there are hefty closing cost fees associated with it.
38572
The Federal Real Estate Settlement Procedures Act (RESPA) requires lenders to disclose APR, or annual percentage rate. There is only one acceptable method for Federal compliance. If your mortgage interest rate is at 5.75%, and your payment is a given amount, then the total amount of your mortgage, less any additional fees you are paying to the lender such as points, are deducted from your loan amount and the lower amount that results is used to back-calculate what the interest rate would be if your given payment were used to pay back the smaller amount. That rate is your APR. Theoretically this allows you to compare different combinations of rates and points, but in practice it isn't so useful. \n\nAn example: Your loan amount is $100,000 at 5.75%. That would make your payment for 30 years 583.57 per month. If you paid two points to the lender, then using $98,000 and a payment of 583.57 your APR would be 5.937%.
804446
I don't know how good the prices in your area are, but right here in Miami we are also in the so-called  "Buyer's Market" and the prices for crappy homes that need tons of repairs and are small are in the $300,000 and up!\n\nAnd did I mentioned, most of them are in not-so-good neighborhoods where crime is soaring. So i hate to see what would be like if this was a "Seller's market"...
816818
There ism't much difference. FHA does have MIP, but just like PMI with conventional loans, you can file to have it removed once you owe less than 80% on the house. If you are refinancing you may already have enough equity in the house to not even worry about MIP or PMI. \n\nFHA rates are lower because the payments are insured by the government, and they usually want you to stay in the house a certain amount of time before selling it. But, there isn't really a big difference.\n\nGo for the best rate, 3% saves you alot of money no matter how you look at it.
838934
For me, the reasons to buy a condo include location and access to the things I want and need (grocery, banks, work, shopping), low maintenance (no yard care) and a sense of community through the amenities such as fitness center, swimming pools, tennis courts, and clubhouse.  The negatives to buying a condo is that I don't think they appreciate as quickly in value as single family homes do.  One reason for this might be the fact that at any given time, there may be units just like yours on the market, so there is more competition to keep the price lower.  If I were looking at buying a condo, I would pay careful attention to how the common areas are kept, whether you receive parking or a garage with your unit, what the HOA fees will be each month, whether any extra HOA assessments are coming due, and the ratio of owners to renters in your development.    Good luck!!!
502478
This refers to an ownership concept rather than a housing style.   Both are owned individually and have\nan association to share the luxuries of maintenance, security, and recreational extras that would cost\nmuch more on an individual basis.  In townhome living, the owner holds title to a parcel of land and\nthe building on the land, exclusive use of their limited common areas, and use of the association\ncommon areas.  As a condominium owner, you receive title to a particular unit defined in the\nassociation documents, and an equal proportionate interest and use of the common areas.
86958
Depends on the condo project. Not all condo projects are created equal.\n\nFirst, do a cash flow analysis on each using comps in the area.\n\nSecond, evaluate the condo project itself. Consider the % of investors in the project, health of the condo assoc, age of the development (needing repairs in common areas etc.), and condo developers role (if any) still in the project. It's good to have the homeowners in complete control - especially when some work is left to do.\n\nOnce you get comfortable on the condo project, pick the one with the better cash flow.
454649
Go to http://www.realtor.com and search for condos and townhomes in Orlando and St. Petersburg
399231
Homeowner fees typically include homeowners insurance, garbage, and all exterior maintenance. (paint, roof, landscape & all amineties like pool club house etc.)\n\nOccasionally it may cover other items as shown in CC&R's (Covenants, Conditions & Restrictions). The CC&R's should be given to you at the time your contract to purchase has been accepted so you may review all the details of the project.  You should also be supplied a copy of the most recent budget and articles of incorporation.\n\nTypically the CC&R's limit the amount the HOA dues may increase on a regualar basis (most are annual but may vary from project to project)\n\nAnother thing to consider is a possible "special assessment".  This can be for some type of major improvment to the project.  For example my condo project voted to put a security gate at the front of the entrance.  The association took a vote it passed.  Thus we all had to pay the additional pro-rated charge. (very untimely I might add).\n\nIf you have not already purchased the condo I encourage you to review the pro's and con's of a condo vs. a single family residence.\n\nFor more thoughts about the pro's and con's you can see a question I answered on 4/6/06. (now resolved)
35081
A conventional loan requires a 20% downpayment.  An FHA loan has a low downpayment, but has a higher rate to cover the insurance on the loan.  Unlike PMI(private mortgage insurance) FHA insurance can not be cancelled when you reach a certain LTV(loan to value) ratio.
808340
By definition for a home to be a townhome/condo it would have to share a building with other units.\n\nYou would technically be converting your duplex into a single family home.  \n\nThe best place to start is with your local zoning/permit office to see if you can even do this.
1163896
No debate here, happens every day. In some cases the taxes owed on a property exceed the original mortgage amount, some deal huh. If you live in a liberal state like California or New York its even worse. The taxes are so high you need a mortgage just to pay them. An interesting result of such high costs is people are moving out of the high cost states and to places like Nevada and Arizona. There goes the neighborhood!
486683
Sounds like some property developers have bought the land and want to build something.  This has happened so many times to residents of mobile home parks in the coastal communities in Florida.  High priced condos are going up where the mobile home parks had been for decades.  \n\nIf all of the residents are in the same position that you are facing, see if you can get the media involved.  Or the mayor's office.  It could buy you some time.
690336
Interest rate has been going up regardless whether you are using libor or other interest benchmarks.  At this point even if you refinance you won't get that good a rate, plus the penalty you will have to pay.  Most lenders will allow you to extend your mortgage amortization period and keep your monthly payment the same.  Talk to your lender and see if it is an option.  My other advise is to make extra payment whenever you can.  Good luck.