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Is 15 % down for a condo in Bellingham, WA a national law or is it just a mortgage company requireme

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Is 15 % down for a condo in Bellingham, WA a national law or is it just a mortgage company requirement? Looking to buy for sons at college.

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December 17 2008 - Bellingham

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Sam DeBord, "SeattleHome.com"
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Sam DeBord, "SeattleHome.com"

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You can possibly find a 10% down loan, check around with lenders. I've a got a couple of good ones if you need a number. The market is soft, so sellers have really dropped their prices.

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March 29

sallybuttons
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the condo market in Bellingham is indeed dead and future is overbuilt with price reductions forthcoming. Wells Fargo (at least) is not interested in lending on any condo investment property in B'ham due to falling value and it's just a bad idea.

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March 29

Elisabeth12
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i meant CAN'T, sorry, there is no way to edit the posts

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December 17 2008

Elisabeth12
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JLO-you can do an FHA loan on an investment property.

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December 17 2008

Elisabeth12
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you must be buying it as an investment property, yes, that is a requirement. Are you far enough away to qualify it as a 2nd home?

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December 17 2008

Jason Loeb Realtor
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The down payment requirement is really dependent on the lender. If the loan is "conforming", meaning it can be resold under the federal guidelines, then there will be some restrictions on the lenders terms. If the condo is FHA qualified, then a very minimal down payment can be made. There are a couple of condo projects in bellingham that qualify for FHA lending, which means only a 3% DP. If you can find a non-conforming loan (portfolio) meaning the lender will hold the loan as an investment, then the lender can do basically anything they want. Currently, it is a pretty good time to be a condo buyer because the bellingham condo market can safely be described as 'soft".

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December 17 2008

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