What Is the Difference Between a Landominium and a Condominium? While you own the unit with both, you also own the land if you purchase a landominium. Condo owners don't own the land their units are on. If you need a loan, you can still access one from amortgage lender. What Are ...
If the condo isHUD Accepted, it’s generally treated the same as if it were VA-approved. In this case, you should confirm with your lender that they accept HUD-approved condos for VA loans. Most VA lenders will process your loan as if the condo were fully VA-approved. Conditionally Accep...
If you have to displace a tenant to complete renovations, the rental could be less profitable. Also look into how much insurance will cost and what kind of maintenance the insurance company stipulates as a condition of coverage. Check whether current tenants have a history of paying o...
How much should a down payment on a $500,000 house be? The down payment you’ll need for a $500,000 house depends on your situation, the loan program you choose, and how competitive the market is in the area where you want to buy. Here’s a look at how much cash you’d need...
Ultimately, they can range from as little as zero months to as much as 12 months, depending on the scenario. As a rule of thumb, more risk requires more reserves. Additionally, reserves may be used as a compensating factor, and can boost your chances of getting your loan approved. ...
Another issue concerns how much equity you have in your condo. Equity is a function of your loan amount and the value of your property, and is usually determined by some form of an appraisal. An appraisal can prove problematic if condos similar to yours were sold within the last six months...
The board of directors retains ultimate authority over deciding which vendors to employ and how much COA dues should be raised. Still, the division of labor affords the COA a greater chance to succeed. Purchasing a condo within a COA signifies one’s agreement to membership in the association ...
Whether you're looking to buy a condo along the shore or in one of New Jersey's many cities, you'll need to know the proper steps to follow to secure a unit. You'll begin by getting pre-approved for a loan. Then locate an in-state realtor who specializes
While becoming an Airbnb host can be a rewarding experience, it’s not just a breeze with no ups and downs. Here are some potential downsides you should know about: Endless Host Responsibilities If you decide to be an Airbnb host yourself and not hire a manager, you will have a never-...
that should be the amount after all closing costs have been paid. A knowledgeable broker will not only be aware of each building's requirements, but will also keep abreast of those changing variables, for when new boards are elected every year, they often change the criteria for new buyers....