[quote=bearishgurl][quote=sdrealtor]HOA and taxes should be less and iunterest rate is lower. I’d dropp the monthly carrying cost about $100.
Also FHA buyer could ask for 3% closing cost credit and get in for only the 3.5% down.
Only issue is actually findig one to buy.[/quote]
How is a buyer going to successfully ask for and receive a $3K closing-costs credit (for up-front MIP?) if condos in MM typically have cash offers from investors to consider?
And how many of the complexes there will actually qualify for FHA financing … that is, have enough owner-occupants in them?
birmingplumb, the *new* MIP for FHA loans is costly.
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BG, sometimes I think you really have a bone to pick..
But to answer two questions
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And how many of the complexes there will actually qualify for FHA financing … that is, have enough owner-occupants in them?
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Yes, there are some. If you think most condo complex cannot qualify because most of them are do not fit an owner occupancy ratio, you’re mistaken..
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How is a buyer going to successfully ask for and receive a $3K closing-costs credit (for up-front MIP?) if condos in MM typically have cash offers from investors to consider?
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Not sure what cash offers from others has to do with FHA financing specifically. If you’re arguing that the condo is multiple offers, with some being cash offers, how would your offer (with a loan) stack up versus a cash offer. Well, then that’s a good point probably…But that’s consistent with what sdr is saying when he says
“Only issue is actually finding one to buy.”
But I suspect once you start talking about $200k+ property, the number of “cash” buyers probably starts to dwindle a bit…
Most FHA loans I believe have a pretty generous closing credit…. At least that’s what Absolute Mortgage was advertising a few weeks back when I was generally look at rates.
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birmingplumb, the *new* MIP for FHA loans is costly.
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Well, of course it costs more than a traditional loan. Because the purpose of it is to extend financing to people who don’t have sufficient down and/or don’t have good enough credit. But whether it costs more than a conventional loan is irrelevant. What is relevant is after grinding through the math is if it pencils out to be lower or comparable to rent.
But all this is really a moot point, because at the way Mira Mesa inventory is looking, that’s the main problem.
If it were me, and if I could manage to stay put for 5 years at least. I would be looking to buy. That’s just me.
