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First time home buyers are looking for a condo. That buyer being...ME!

By Joe Fernald

Real Estate Agent with Keller Williams Vancouver, WA

April 13, 2010 06:42 AM

Hey Active Rainers,

I had a quick question about condos as inventments. I'm going to be buying a first time home with my fiance and we're looking at all our options. We would like to buy now with the low market, interest rates, etc. and rent down the road. Condos have come up in Clark County for dirt cheap. Some of them are really nice. I would much rather pay a mortgage on a condo than have to pay some other guy, or girl, rent. Let me know your experience with condos. The good, the bad and the down right truth. Let us live through your experiences.

Thanks so much,

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Donna Harris

Donna Homes, powered by JPAR - TexasRealEstateMediationServices.com - Austin, TX

Realtor,Mediator,Ombudsman,Property Tax Arbitrator

You need to be careful with Condos these days as the lending rules have changed with condos and hardly any condos can go FHA and slightly more can go conventional. Some conventional lenders are using the FHA list. In my area, only some buildings within the complex are approved... I have no idea how that one works or why, but it's so...

Be very careful as it will also effect your resale is the lenders get even more strict. Maybe look for something zoned "townhouse" instead of "condo" as a townhouse is treated just like a regular house.

Apr 13, 2010 06:47 AM

Ann Allen Hoover

RE/MAX Advantage South - Hoover, AL

CDPE SRES ASP e-PRO Realtor - Homes for Sale - AL

Sometimes the monthly condo fees can be high......be sure to check that. I often have folks start out wanting a condo for price, who change their mind and get a house instead.

Apr 13, 2010 06:51 AM

Ted Tyndall

Davidson Realty Inc. - Saint Augustine, FL

I will help You find the Home YOU want to Buy

I agree with Donna. be sure to look at when you might resell it. If Fannie Mae doesn't approve it it really makes it hard to sell.

Apr 13, 2010 07:23 AM

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Joe Fernald

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