---

mortgage risk

Author	Message
	Add to del.icio.us Add to YahooMyWeb Add to Simpy Add to BlinkList
collbomb Guest	Posted: Wed Mar 24, 2010 9:00 am    Post subject: mortgage risk Like 0 Dislike 0 I am currently looking at a condo in NYC that is new construction and currently has less than 50% occupancy. My bank will not provide a mortgage even if I put 30% down. What risks does the bank have exposure to? Should I not even consider this building? Thanks.
tfaulhaber1 Community Expert Joined: 17 Dec 2009 Posts: 562 75.68 Dollars($)	Posted: Thu Mar 25, 2010 9:09 am    Post subject: Like 0 Dislike 0 FNMA guides require 51% occupied. That's why they're having an issue. You need to find a lender that will accept less. _________________ Theo (Ted) Faulhaber 516-403-9116 516-634-4417 tfaulhaber (at) vanguardfunding.net
riseabove Joined: 09 Nov 2009 Posts: 277 11.01 Dollars($)	Posted: Thu Mar 25, 2010 8:15 pm    Post subject: Like 0 Dislike 0 condo values can drop rapidly, especially if they become unoccupied. the value of your property is directly affected by the rest of the building, so your 30% deposit doesn't really guarantee the abaility to recover the debt if the whole place drops in value due to low occupancy _________________ Instant mortgage quotes available online Low rate mortgage refinance Latest Florida mortgage rates

Quick Reply
Your Name
Subject
Image Verification	Enter the code above here : Can't read the image? click here to refresh
Message body

All times are GMT - 7 Hours

Page 1 of 1

---

We have chosen to apply the Creative Commons Attribution License to all works we publish. This work is licensed under cc by 2.0