bloodyogre Posted July 15, 2005 Report Share Posted July 15, 2005 Hi,I'm looking into buying a condo preconstruction. Can anyone tell me how the mortgage works for preconstruction property? I have to put down 30k in a month then 30k more in January then I don't make any payments until I get my keys which is about 3 years. Do I get a mortgage for 60k now and get another mortgage in 3 years or refinance? This is my first purchase and any help would be greatly appreciated. Also, do you think I'll have any problems getting a mortgage? I'm 25, lowest score is 696, make about 60k a year, owe 16k in credit cards and I have a car payment of 500. The condo will be in the 300s. Thanks. Link to comment Share on other sites More sharing options...
amortgageman Posted July 17, 2005 Report Share Posted July 17, 2005 I have to put down 30k in a month then 30k more in January then I don't make any payments until I get my keys which is about 3 years.Please tell me this is a typo, and you mean three months. If not, then run. NO way would I ever trust ANYONE with $30,000, let alone $60,000 of my money for that long.How far alog is the condo project? There can be many issues until a condo project is 50% complete, and the Homeowners Association is taken over by the homeowners. Not impossiible to finance, but the lender will want to see the financials of the builder (which they should happily supply, if they are legit), and have the necessary capital the lender wants to see. Which may be the reason they want your money. Be careful.Although you may still qualify, I would personally entertain backing down the price you are looking at. With your other payments, you may be stretching a bit, but then again there are high cost housing areas, and this may not be an option. Link to comment Share on other sites More sharing options...
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