April 12th, 2015
Happy Friday! I certainly hope you are enjoying this balmy day, feels very Florida-like, doesn't it?! We have some good questions this week, here we go...
- I am interested in purchasing a home with my VA eligibility, but I am interested in renovating the property. What are my options? If you are interested in purchasing strictly using you VA entitlement, the option does not exist. FHA 203(k) with 3.5% down or Conventional with 5% down are you options. There may be creative ways to look at financing your renovations outside of this; however any way we look at it, you would have some out-of-pocket costs.
- We are interested in purchasing a condominium. We understand condos have become tricky, so we have already asked about investor concentration. We are good there with 34%. We also found out during the process, the condo association is in process of suing the developer. How does this affect us? It depends on the suit. Most conventional financing will take issue if there is a possible issue with the structure or the integrity of the structure. Leaks are also huge issues. Let's find out what the law suit is about and if it has been resolved.
- We are interested in purchasing a home. The purchase price would be roughly 1.3mil. We are hopeful not to put more than 15% down. Is this a possibility? Yes, we have a jumbo program that is 85% with no mortgage insurance up to a loan amount of 1.5mil. It is a 30-yr fixed rate mortgage, and the rates are not out of line with conventional no mortgage insurance programs.
Please feel free to contact me with any questions you might have. I look forward to working with you and your clients. Please remember, I am licensed in Virginia, North Carolina and Florida.
Jennifer Keenan, Sr Mortgage Consultant, NMLS# 101837
Tidewater Home Funding, 757-272-4199