Hi, I am interested in purchasing a condo in pre-construction sale at ocean front tourist-location. I currently own 2 properties and have loans against them. What kind of a loan should I be applying for and would I be having any problems in getting the loan? I have a score around 740.
Thanks for your help.
You shouldn’t have any problem getting a loan. If one of your two properties you currently own is not considered your 2nd home, you could classify this new investment as your 2nd home. This would get you better interest rates. What area are you looking at?
Bill
Many lenders will do 100% financing with a FICO score of 680 or better (assuming your DTI isn’t over 50%). Do you have anything to put down on the Condo? (Also, what state is the property located in?)
This is in Ocean City, MD.
My current property I live in is a primary home in Washington DC with 30yr. conventional loan.
The second property I have is a rental property in Charleston, WV with HELOC loan. I can dispose this property or payoff this loan.
So, if I apply for a loan for this condo, should I say that this would be secondary residence or …??
Thanks again.
You’ll get better terms if this isn’t viewed as an investment property (NOO - non-owner occupied) by the lender, so yep.