     Donna | Saturday, January 08, 2000 - 08:45 pm 
I am looking to buy a condo and it seems as if I have found a deal. The seller has accepted my offer of $75,000 (because they need to move) but other condo's in the area have appraised at $95,000. The condo is in good condition. I had a friend of a friend appraiser come by and look at the property for an unofficial appraisal and he agreed that this would appraise at around $93,000 to $98,000.
I have been told by people that some lender's will lend you 80% of the APPRAISED value--in this case $95,000. This would result in a loan of $76,000.
1) Is this true? Does this type of loan exist?
2) Does this type of loan have a particular name?
3) If this type of loan does exist, How can I go about finding this type of lender in my area--Missouri?
4) If this is true, is this type of loan found far and few between?
5) Does anyone know of any mortgage calculators that can calculate the TOTAL monthly payment INCLUDING taxes, PMI and insurance?
Thanks
Donna |
| Christine Baker | Saturday, January 08, 2000 - 09:48 pm
1) Not that I know of.
5) No, there's still a few things you need to use your brain for. Taxes, PMI and insurance vary GREATLY by location/vendor. The numbers used for underwriting are ESTIMATES.
And don't forget the homeowner association fees (usually includes insurance.)
Additionally, the condo complex must be APPROVED by FNMA and FHLMC to qualify for conventional mortgages. (Owner occupancy requirements.)
Contact a local mortgage broker for more info. |
| Andre P | Saturday, January 15, 2000 - 06:42 am
When purchasing any property, the loan amount is always bases on the LOWER of the appraised value or sales price. When you REFINANCE, then the appraised value is the determining factor.
The best calculator I've seen specifically for the mortgage industry is from Calculated Industries. You can order at www.calculated.com |
| Christine Baker | Saturday, January 15, 2000 - 09:33 am
It used to be 12 months from purchase to get the HIGHER than purchase price value for the refi. Did that change? |
