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Banks don't want to finance condos in FL
invite response
2012 May 17, 11:33pm 2,180 views 4 comments
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zzyzzx
2012 May 17, 11:38pm
It's not the banks obligation to finance condos, especially when they think that condos are going to go down in value
Repubthug
2012 May 17, 11:57pm
when I purchased a condo last year,went with Penfed for mortgage
It clearly stated that they need atleast 25% down if its FL Condo..and that too if its primary residence.If its not primary residence,then forget the mortgage..they are not even looking at you
thats how messed up Fl condo market is
Its the sign of times and with the shitty job market and ever increasing assessments of HOA,i presume they are playing safe.
I personally think its a good sign
FortWayne
2012 May 18, 1:10am
If they think they'll lose money on the deal they won't refi. They don't owe you a refi.
Goran_K
2012 May 18, 2:37am
I wouldn't finance a condo either. Most of their HOAs are just as insolvent as the banks. The banks know a bum deal when they see one.
Well, I went to my credit union last week to look into their loan programs for a condo purchase possibly later this year. They won't do condos, conventional nor FHA, even if FHA approved... Ok, no problem, let me go to my bank, Citibank.... "Sure, we'll finance your condo for you, with your score (good, very good) you would need 30% down payment... " WHAT!??!?! How about if I finance a single family home? "Oh, then your down payment would be 5%!!!!!!!!!!!
Obviously they don't want to finance condos, that's the first thing to go down in value and with all the foreclosure, people don't pay homeowner's and the properties go to shi)t...
But, if there's no financing available for condos, how the heck is that piece of the housing going to get better? Owners can't sell, so prices will keep going down, and even buyers with good credit and some cash can't buy...
Are mortgage brokers getting condos financed? I just went to the banks direct.
#housing