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I am looking for a loan on an approved condo with 10 or less down this will be a vacation home about 300 miles away from our current home

by pankaj.oditi756 from , California. Dec 19th 2013 Reply


Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 4,316 contributions

Contact a local mortgage broker

Dec 20th 2013
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John Moran (SimplifyMortgage)
#7 ranked lender in Arizona - 663 contributions

Yes, as Joe said, you should probably discuss this situation with a local mortgage professional. Also, it must be very difficult to type like that.

Dec 20th 2013
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Jericho Cherry (Jerichocherry)
#56 ranked lender in Virginia - 1,107 contributions

Yes, you need to work with a broker in your area.

Dec 20th 2013
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Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,247 contributions

unless you are talking about a jumbo loan, that should not be that difficult - if the condo is approved.

Dec 20th 2013
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It is an improved condo complex then yes,you should have no problems acquiring financing.

Dec 20th 2013
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Manny Gratz (MDGratz)
#627 ranked lender in California - 8 contributions

You would be looking at a conventional loan, if you would like to discuss in detail feel free to contact me.

Dec 20th 2013
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Jason Vondrak (jvondrak)
#221 ranked lender in California - 1,741 contributions

Contact a licensed California mortgage lender to learn about you different options. Feel free to call 858-605-0952 to speak with one of our Loan Officers.

Dec 20th 2013
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William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,728 contributions

Anytime you put less than 20% down, the lender will require a full condo certification and condo questioner... the lender wants to know what the vacancy ratio is, how many "Paying" units there are, what the ratio between owner occupied vs. investor/rental, how many units are in foreclosure, is there any pending litigation, whether or not the complex has sufficient reserves, etc, etc, etc.. If the complex is in a great neighborhood, with stable/rising values, then you should be ok.. but the majority are not, and will not pass the test.. Ask your realtor to inquire and see if any pending sales have dropped out because of financing.. if there have been, it's probably not the borrower's qualifications, but the qualifications of the complex.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Dec 20th 2013
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Jimmy Vu (Jimmy.Vu)
#960 ranked lender in California - 90 contributions

I can have a few options worked up for you if you need. I am in Costa Mesa, CA. You can call me or apply on our website. www.afndirect.com. Jimmy Vu - 949.287.4134 - jvu@afncorp.com

Dec 20th 2013
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Blake Kleckner (BlakeK)
#391 ranked lender in California - 261 contributions

You can easily purchase the condo with 10% down with a conventional loan. Don't even consider a FHA loan at 3.5% down unless your FICO score is very low or you don't have at least 2 months of housing payments in cash reserves. A retirement account may be used for cash reserves under certain circumstances. You will have to pay mortgage insurance (MI) because the equity in the condo will be less than 20%. It may be possible to get a 2nd, but that would have to be researched. Stay away from FHA because it will cost you 1.75% up front, the MI will be higher than private MI monthly, and it will be for the life of the loan rather than when your home's equity is at 80%. Give me a call 16/7, or email me your phone number so I can call you, and I'll be happy to walk you through the process. To learn more about me and our mortgage brokerage, click on my picture. When the next page pops up, click on "Website" and you will be redirected to ours. We work exclusively in CA and get loans done fast, typically in less than 30 days, at low interest rates and costs. Representing 46 quality lenders that offer more than 1,000 loan programs, we definitely have something for everybody.

Dec 21st 2013
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Brian Nguyen (hightouchlending)
#968 ranked lender in California - 8 contributions

The best thing for you to do is to speak with a lender like myself. I would be glad to speak with you about specifics for your situation. If your finances are in place there are different loan options that can be available to you. Either way, the best thing for you to do right now is to speak with a lender to see if you can get started on financing a new home. There are lenders like myself that would be glad to speak with you to help you get the loan that you need. Well I hope this helps! If you have any further questions or if you would like a loan, feel free to contact me!Good Luck!Brian Nguyen949.667.2887

Dec 23rd 2013
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