buying a place in downtown orlando (HOA, condos, mortgage broker)

[huntucf]

So, based on the website, the only places available for financing are Star Tower, 101 Eola, and 530 East Central... am I missing something?

https://entp.hud.gov/idapp/html/condo1.cfm

[GregTraub]

Pete - I'd say Vue has a littl less than 50% occupancy. Half of the unit's had never sold from the original developer and the new developer while having success re-selling right now, still hasover 100 unit's to sell over the coming few years (~300 units total in vue). On a side note, because the new developer has come in and stabilized the building and HOA they ARE eligible for financing and last I heard were close to getting FHA approval for financing.
As for why jackson has so many unit's for sale....every building went through their own time when it seemed EVERYTHING was for sale, Jackson is just at that point. Most of them are short sales of course which scare many away, so they are staying on the market longer and "piling" up. Plus while I find the building attractive (mostly because of price) many others dont' because they don't have any amenities like other buildings.

Huntucf - Ask your credit union if they do Homepath loans. I have a feeling you are only looking to do an FHA loan since you are having your parents "co-sign"....Last I heard from the Loan officers I work with is that only FHA and Homepath allows you to have a non-occupant co-borrower. The website you are looking at for financeable condo's is actually only for FHA financeable condo's, and downtown only 101 eola is eligible right now, and hopefully soon the Vue.
Homepath loans are the exception though. Only Bank owned properties owned by Fannie Mae are eligible for this type of financing, but as long as it is Homepath eligible financing cannot be declined because of the property (you still have to qualify of course)

As for Bank owned properties going for cash offers more than fiannced, yes they do prefer cash offers over financed all other things being equal. However if you are the highest offer they have vs another cash offer they can and will accept a financed offer over cash. And while multiple offers on bank owned properties are common, it isn't ALWAYS the case. So I wouldn't give up on bank owned properties just because you have to finance.

As for condo fee's, they don't go by per unit, they go by square footage, so the smaller your unit usually the lower your HOA dues. For example Star Tower's 2 bedroom unit's are a bit larger than most at just under 1800 square feet. Their dues are over $500/mo. However for a studio unit at The Vue, your sq feet is under 600, so your HOA dues are only ~180/mo. If you are good with the smaller size of the stuido's though, the vue is a GREAT building and I know conventional financing isn't an issue and FHA financing is likely very soon. I can set up an appointment for you to at least check them out to see if they're big enough for you.

Also, I wouldn't assume you can find a roommate willing to pay half of your mortgage unless you have a friend that has already agreed to it. There are roommate situations you can find downtown that can be a good amount less than 1100/mo.

Also, it looks like only 101 eola and 530 E Central are FHA eligible...and soon Vue. Star Tower is Definitely NOT FHA approved....though it is in a similar situation as The Vue was 6 months ago, see Deal - Star Tower in Downtown Orlando (http://www.myorlandohomeexpert.com/dealoftheweek.html - broken link) to find out more info.

[Pete C]

Greg, the dues differ by building as well, correct? I would expect the Jackson to have much lower HOA with its lack of amenities.

[OrlFlaUsa]

Originally Posted by huntucf

To answer your questions Greg, I am looking to finance the property. I am in the application process with my credit union to get pre-approved for the mortgage, and I am going to have one of my parents co-sign the loan.

Forgive me for sticking my nose in where it definitely doesn't belong, but I think other young people like you and me who read this need to consider that buying a property with family as a co-signer usually means the YOU cannot afford it because if you could, you wouldn't need a co-signer. I may be wrong and do not know nor want to know your situation but please, to any other young perspective buyers: Rent first, get your credit right, & save as much cash as possible to help the deal. Whatever the reason that one cannot get financed on their own, going deep into debt with a family member is the quickest way to ruin said relationship.

[GregTraub]

Originally Posted by Pete C

Greg, the dues differ by building as well, correct? I would expect the Jackson to have much lower HOA with its lack of amenities.

Yes dues differ in each building.
Jackson however doesn't have too much lower dues per sq ft than most other buildings downtown. This is partially attributed to the size of the jackson. There are only about 50 unit's for the whole building. Which means there are much fewer unit's to spread around the basic costs like exterior maintenance, elevators, insurance, etc.... I beleive The jackson was meant to be just the first phase of another building that was going to wrap around the current building. (why the design of the unit's have the open walkway with few windows on the north side of the building...that was to face directly into another building). That isn't going to happen anytime soon however, and when something does eventually get built there, it likely won't have any association with The Jackson.

[huntucf]

Originally Posted by OrlFlaUsa

Forgive me for sticking my nose in where it definitely doesn't belong, but I think other young people like you and me who read this need to consider that buying a property with family as a co-signer usually means the YOU cannot afford it because if you could, you wouldn't need a co-signer. I may be wrong and do not know nor want to know your situation but please, to any other young perspective buyers: Rent first, get your credit right, & save as much cash as possible to help the deal. Whatever the reason that one cannot get financed on their own, going deep into debt with a family member is the quickest way to ruin said relationship.

Yea I agree most young people have no clue whatsoever about finances. Thankfully the business school at UCF taught me a little bit . My income is around $50,000/yr and I have virtually no debt except a little credit card debt from moving and the $7,000 left on my $250/month car payment. My credit is perfect, I've had a credit card since I was 16 (co-card with my parents). The reason I am having my parents co-sign is because it's a lot less risk from the loan issuing banks perspective for me to default on the loanm so they're more likely to loan me 1) more money 2) at a better interest rate. If I get laid off, I work for a Fortune 100 company that will pay me better for the next 3 months than my current salary, and I have job offers left and right so I'm not worried.

[huntucf]

Thanks for the advice Greg, I'll check and see if they do homepath loans. I guess for loan questions I should really just contact a loan officer. Also good to know that bank owned properties can still be financed.

So I guess a good rule of thumb being conservative would to expect HOA fees around $3.50/SQft per month in the condos downtown?

Yea, I am from Orlando and moved to Ft. Lauderdale last year so I still know a bunch of people who would like to move downtown with me, so I'm not worried about that.

[GregTraub]

Yes definitely discuss the loan with a loan officer, I know the basics but it is the details that make or break a loan.

As a ROUGH guestimate, yes you can use a 35 CENTS a square foot for HOA dues, most will be less though.

[MisterNY]

Originally Posted by OrlFlaUsa

Forgive me for sticking my nose in where it definitely doesn't belong, but I think other young people like you and me who read this need to consider that buying a property with family as a co-signer usually means the YOU cannot afford it because if you could, you wouldn't need a co-signer. I may be wrong and do not know nor want to know your situation but please, to any other young perspective buyers: Rent first, get your credit right, & save as much cash as possible to help the deal. Whatever the reason that one cannot get financed on their own, going deep into debt with a family member is the quickest way to ruin said relationship.

Words of wisdom.

Originally Posted by huntucf

Yea I agree most young people have no clue whatsoever about finances. Thankfully the business school at UCF taught me a little bit . My income is around $50,000/yr and I have virtually no debt except a little credit card debt from moving and the $7,000 left on my $250/month car payment. My credit is perfect, I've had a credit card since I was 16 (co-card with my parents). The reason I am having my parents co-sign is because it's a lot less risk from the loan issuing banks perspective for me to default on the loanm so they're more likely to loan me 1) more money 2) at a better interest rate. If I get laid off, I work for a Fortune 100 company that will pay me better for the next 3 months than my current salary, and I have job offers left and right so I'm not worried.

Ever considered a small house in the area. There are older homes near Lake Eola, that may cost less than the condos you mention. Maybe getting a 3br, and 2 extra roomates may help offset the cost versus a 2/2 condo. Just advice. These days it makes more sense to play if safe. Nothing is guaranteed, but maybe selling the house will be easier in the future, plus not having Hoa fees will help. Also $50k a year is not much, especially considering the prices of these condos. I think you should scale down on your purchase price.

Just advice, but from experience, giving advice to a 23yr old is sometimes like talking to a brick wall. Take it for whatever it's worth. Good Luck.

[totsuka]

There was a brownstone project built down on Washington that you should look at. The prices really came down (450 down to 225). They looked very nice, but I don't know about crime in that area.