patrick.net

Captcha sucks, this method is obviously working. Plus it gets people to contribute to the threads besides just posting a post, and never checking back.
If someone doesn't have it together enough to reply to three threads at Patnet, then why should we reply to their posts?

That being said, I'm watching this thread because I would like to buy either a rental. Or a home east of US1, and turn this place back into a 3/1 and 1/1 and rent it out.

Remington says

Oh and you cant finance a condo through FHA.

You are giving out bogus information. You shouldn't give advice on subjects that you have no knowledge of. FHA loans are available for condo and townhouses, and in fact, about 40% of all condos are FHA financed. For the complex to be eligible for FHA financing the complex must be FHA certified. I own several SFH and condo rentals, most of them paid off and unemcumbered. The condos that I hold are in upscale neighborhoods in coastal CA and only one of the complexes is certified for FHA. I am on the board of a few of them and I, along with most of the other owners in these common interest developments don't want to be FHA certified because we want our owners/buyers to have conventional loans or pay cash. We don't want owners with small down payments buying in.

cksv says

Will I qualify for both of these mortgages when the rental income is added?

Most rental income requires 2 years proof of receipt before they'll consider it stable income. You can't move out in August, rent it out, and show up in Sept looking for a new mortgage, showing them one month's rent check deposited in your account, and go, "See? I make this every month in rent too."

"I am on the board of a few of them and I, along with most of the other owners in these common interest developments don't want to be FHA certified because we want our owners/buyers to have conventional loans or pay cash. We don't want owners with small down payments buying in."

That's because getting a condo FHA certified is a nightmare, it has to do with how easily you can move the units, not the downpayment requirements of the buyers. 10 years ago no one went FHA (the actually had standards for underwriting) and getting a condo on the FHA approved list is a pain in the ASS. There was no incetive to do so when 1 in 20 loans was FHA. Now that FHA is the primary means of financing, I imagine that will change.

lurking says

I am on the board of a few of them and I, along with most of the other owners in these common interest developments don't want to be FHA certified because we want our owners/buyers to have conventional loans or pay cash. We don't want owners with small down payments buying in.

So what you're saying is I'm correct in my statement that it can't be done. However granted its not because of my incorrect knowledge, but because of people like you and your crownies are intentionally trying to lock out potential owners?

You sound like a typical HOA self-entitled jackass.

Remington says

lurking says

I am on the board of a few of them and I, along with most of the other owners in these common interest developments don't want to be FHA certified because we want our owners/buyers to have conventional loans or pay cash. We don't want owners with small down payments buying in.

So what you're saying is I'm correct in my statement that it can't be done. However granted its not because of my incorrect knowledge, but because of people like you and your crownies are intentionally trying to lock out potential owners?

You sound like a typical HOA self-entitled jackass.

Well whatever the reason, anything that gets people away from small down payments is fine by me. Less investors would mean more affordable homes.

In my opinion, why would anyone want to buy any property right now? Whether you can qualify or not? Here is a quote and a link: "No one can accuse the Fed of not trying hard enough. To reverse the biggest housing market collapse since the 1930s, the Fed embarked on an unprecedented program of buying up hundreds of billions of dollars' worth of mortgage bonds and driving mortgage rates to record lows. Despite that effort, private investors remain leery of putting up cash to back mortgages: roughly nine of our 10 new loans are still backed by the government." The Link: http://bottomline.msnbc.msn.com/_news/2011/12/13/9420052-fed-battling-economic-forces-beyond-its-control What is this saying? It's saying its a manipulated market to me. Save your money, buy 4 properties later. Not to mention the 29 lockboxes for a complex of 172 or 16.8% with only 4 currently on the market. manipulated manipulated manipulated.