Finance A Condo
You’ve found your favorite condominium to purchase. Now you need financing. Where do you go to finance a condo? To finance a condo in today’s market it can be a bit of a challenge, but certainly not impossible. Over 30,000 condos closed and were financed in the Chicago area in 2008. Someone was out there financing condos.
Financing companies generally look for a few things when financing a condo. They start out with checking your credit score. Each month all of your credit card companies, your auto loans, etc. will report to a credit bureau rating you on how you’re paying off your debt. The credit agencies take all this information and create a “credit score†for you. Banks and lending institutions take this score to heart and many times will not lend to a person if they have a score even one below what is required. It’s all black & white many times.Â
Most loans can get done with a credit score of 580 or above. People that are in the range of 700 or above are considered excellent candidates to give a loan to. The next step is your down payment. How much money will be paid cash for the condo and how much of the money will be financed. When financing a condo, the banks will look at many factors, but the more down payment you have, the better. If the condo you’re trying to purchase a condo for $200,000, typically you’ll need 5% of that in cash or $10,000. If you were to put 20% down or $ 40,000 the banks risk position is much less and it makes doing the loan almost a slam dunk.
So to summarize, financing a condo comes down to having a good credit score and having a significant down payment. Even with this as the main criteria, if you have a blemished credit score and zero dollars, there’s always ways to find a way to purchase a condo. For the tenant that wants to buy his or her condo but does not have a down payment, there are rent-to-own programs out there that allow you to utilize some of the rent payment toward a down payment. Secondly, the person without a down payment can borrow the money from mom or an investor. In the end, if you really want to finance a condo, it can be done. You just have to want it bad enough.
For more information on financing condos, you can for to “FinanceACondo.comâ€. They specialize in financing condos throughout the United States.
Condo Financing
OwnACondo.com is the best place to buy or sell a condominium. We are not newcomers to the condo market, we are seasoned veterans. So in addition to being the best place to buy or sell a condominium we are your condo resource and we also understand Condo Financing. It is very different from financing a house or even a car. View our list of preferred lenders who are ready to help you understand Condo Financing, the process from beginning to end.
A condominium is different from a house in many ways and so is the Condo Financing Today, the mortgage industry is focused on making sure that if you are looking to purchase a condo that you are more than capable of paying not only the mortgage, but property taxes and also your condo assessments. Condominiums usually have a monthly assessment, which are fees that are assessed to each unit for the expenses of the common areas, such as: hallway electric, hallway cleaning, lawn care, snow plowing, water, sometimes gas (especially if the heating system is shared throughout the entire building and other expenses such as repairs to the building itself. Though it does not seem like it would have any impact on Condo Financing it does. Monthly assessments paid to the Condo Association can easily average $200 per month, adding to the bottom line of your monthly expenses.
In most cases, the property taxes for a single condominium are far less than the property taxes on a home. You can expect to set aside an average of $100 per month to cover the expenses of your property taxes.
It is strongly recommended that before you begin your search for the perfect Chicago Condo that you get pre-qualified with one of OwnACondo.com’s preferred lenders. This way you will have a great understanding on what to expect and also what you can afford. Our preferred lenders will explain Condo Financing, the mortgage process as well as the different types of mortgages that are available today. They will also explain how much of a down payment would be necessary.
So if you have been thinking about starting a search with and OwnACondo.com Condominium Specialists, then now is the perfect time to call one of our preferred lenders. Once you have completed the pre-qualification process you are on your way to start searching for the perfect condominium.
So visit us today at OwnACondo.com and let one of our Condominium Specialists help your find the condominium of your dreams.
Calculating Your Credit Score
Your credit score has become increasingly important in many aspects of your financial--and even personal--activities. It's well known that a healthy credit score is required for loans, like for a Chicago condo or suburban Chicago condo, but did you know that credit standing is often looked at to determine your risk for insurance, and sometimes even a job?
With so much hinging on one's credit score, it's unfortunate that so few people really understand how it is calculated. People often view their credit score as part science, part art, maybe even part weird magic. But although it is admitedly somewhat complicated, it is relatively easy to understand the basics and, most importantly, what it takes to achieve a high(er) score and how to stay there. It's important to realize that not every action you take or don't take has the same impact as others.
"There's more to a credit score than paying your bills on time," says atorney and loan professional Larry Bettag. Check out his Five Factors Affecting Your Credit Score.
Condo Financing
Not only is OwnACondo.com a full service Chicago real estate company focusing solely on Chicago condos and suburban Chicago condos, but it also can have them financed through their subsidiary company, FinanceACondo.com.
FinanceACondo.com can give you a quote fast and put you in front of a professional as soon as you are ready. They can also refinance your condo as well.
If you''re looking to buy, sell, finance or re-finance your condo, call us today at 866-696-2266 and we''ll be ready to answer all your questions.
Our Rent to Own Condos
Dear potential condo owner,Â
OwnACondo.com has answered the needs of thousands by creating a way for many people to get into condo ownership where originally they''''ve been unable to. Our rent-to-own programs have attracted thousands to our condo company.  It''''s a perfect alternative in today''''s market place where lending has been extremely tough to get.
We have over 500 condo units to choose from throughout the entire Chicago area ranging from $600 per month in rent, all the way beyond $4,000 monthly. You pick and choose the style and size of the condo based on your affordability. The price of the condo is negotiated at the time of the rental and every transaction is different based on the buyer and seller needs.Â
I''''ve been in the real estate business for more than 24 years and have never seen these type of buying opportunities. This is a perfect time for a buyer to lock in a price of a Chicago Condo while renting for a period of time. Once the allotted time has ended, the buyer has the right to excercise his or her option to buy that condo. If the price of the condo has fallen due to market conditions, the buyer is not obligated and can either re-negotiate the price or pass all together. On the other hand, by locking in on a price, if the condo goes up in value, the buyer wins.Â
The seller's advantage is they now have an occupied unit with a tenant paying rent rather than a vacancy. Once the buyer is in the unit, they''''re more likely to buy the unit than move out. It creates a win-win for everyone.
If you''''re interested in talking with a Chicago Condo specialist on our rent-to-own programs, please call us at 866-696-2266.
Condominium Financing
It can be a tough world out there in mortgageland, with recent restrictions making it harder to get a loan for a condo or a house. Ironically, this comes at a time when demand is increasing again, as more and more people want to take advantage of the best buyer's market in 35 years.  Â
OwnACondo.com has access to a revolutionary new mortgage product that allows you to buy with many substantial benefits, including:
- no downpayment
- no closing costs
- no application fees
- no private mortgage insurance (PMI)
- no requirement for perfect credit
- a fixed (not adjustable) interest rate typically a point below prime
This program offers free, personalized and comprehensive counseling and can be a great fit for low- to moderate-income first-time condo homeowners, many of whom have neither perfect credit nor substantial savings.
For more information, please call OwnACondo.com, toll free, at 866-696-2266.
New FHA Loan Limits Increase, good for all condos buyers
Affordable government-backed loans that can be used for purchase or refinance are now available through the FHA.
These refinancing loans can be especially appealing to condo owners and homeowners who may have purchased near the height of the real estate market and are now concerned that the temporary market downtown is leaving them with property worth less than what they owe.
The new loan packages are part of the recent Economic Stimulus Act of 2008. A news release by the Department of Housing and Urban Development explains more about the loans.
Mortgage Applications Rise for Condos Again
"Skyrocketed" is how CNNÂ is describing the level of new mortgage applications made in the last couple weeks.Â
Citing seasonal volatility and dropping interest rates (as noted in a January 14 posting on this blog), CNN is reporting that applications are up a whopping 28.4%  for the week ending Jan. 11, 2008. It is the second consecutive week of increased application activity.
Read the entire CNN story here.
Mortgage Interest Rates, Already Low, Take Another Dip
Freddie Mac reported that the 30-year fixed-rate mortgage rate averaged 5.87% for the week ending January 10, 2008. Freddie Mac said the rate is the lowest since September, 2005.
Who the heck is Freddie Mac? Well, many people wonder. It's a name seen and heard frequently in the media, often without a word of explanation. Freddie Mac is not a person, but a stockholder-owned corporation chartered by Congress to increase the funds that mortgage lenders can make available to home buyers and multifamily-unit investors. These lenders are mortgage bankers, credit unions, savings institutions and commercial banks.
Freddie Mac has been in existence for almost 40 years with a mission of providing a continuous and low-cost source of credit to finance America's housing.   Â
Learn more about this vital organization here, and be sure to contact OwnACondo.com at 866-696-2266 if you'd like more information from our preferred lenders about condo loans, how to qualify, and much more.
Financing Condos
OwnACondo.com Welcomes a New Service to Its Family
Consumers Can Now Get Financing
After many years of hearing “why don’t you finance condos as well as sell themâ€, the time has finally come. OwnACondo.com has now opened a division that does nothing but finances condos. We’d like to introduce “FinanceACondo.com†to you.
FinanceACondo.com will open its doors right across the hall from OwnACondo.com October 15, 2007. We are putting the final touches on the offices as of this writing and will be prepared to start writing loans within a few weeks.
FinanceACondo.com’s main objective is to provide a service that is unmatched in the industry when it comes to closing loans. “We are going to find a way to close loans no one else can, offer counseling service like no other and be faster and more efficient than any other mortgage broker that has ever existedâ€, states Brian Kuzdas, founder of OwnACondo.com.
For more information about using FinanceACondo.com’s services after October 15th, please visit our new, dedicated website at FinanceACondo.com or call us at 877-211-3100.
