Zillow Advice: Buying Process - Is 15 % down for a condo in Bellingham, WA a national law or is it just a mortgage company requireme

You can possibly find a 10% ...

Sun, 29 Mar 2009 17:44:00 GMT

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.

the condo market in Bellingham ...

Sun, 29 Mar 2009 17:30:00 GMT

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.

i meant CAN'T, sorry, there ...

Thu, 18 Dec 2008 04:51:00 GMT

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

JLO-you can do an FHA loan ...

Thu, 18 Dec 2008 04:50:00 GMT

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

you must be buying it as ...

Thu, 18 Dec 2008 04:44:00 GMT

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?

The down payment requirement ...

Thu, 18 Dec 2008 04:43:00 GMT

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".