Condo purchase - Page 2

Putting the blame on everyone else, but you alone are responsible for your actions and your choices. You are allowed, and required, to make up your own mind.

You wanted people's OPINIONS and you got them. Clean up your own mess.

Going to school is different than buying a condo. Come on...

Buying a condo right now is extremely risky. For one, you will not get back the money you spend on closing costs (can be tens of thousands) if you have to leave the country and sell your place that money will be gone. Also, we are on a sellers market at the moment, you will end up overpaying for a property that will devaluate as soon at the economy takes a downturn. At last, your DACA status will most likely disqualify you from the best mortgage rates.

As sad as it sounds, it does not look like it would be a good idea to buy a condo RIGHT NOW.

IMO, go for it. We purchased a home April-2018 and I have no regrets so far. To echo previous post, I would actually wait a couple of months though to see how markets react right... it's been a seller's market for sometime but we are headed towards a buyer's market. Some economists go even far as to say we are already in a buyer's market.

https://www.housingwire.com/articles...g-market-cools

https://www.cnbc.com/2018/08/16/hous...ut-prices.html

https://www.wsj.com/articles/a-buyer...le-11554074631

https://www.chicagotribune.com/class...414-story.html

Run the math, if your current monthly rent is about same or more than Condo monthly cost (mortgage, maintenance fee..etc), then it's no brainier to buy a Condo.
The Condo value will appreciate by itself down the road.

Spend the time and search for the good deals on the market.

Yes I bought a condo like 9 months ago and decided on a conventional loan and put down 10%. Smooth process but your credits got to be phenomenal for conventional loan. Very happy. Monthly payment is $1,360 which includes PMI and property taxes which go into escrow. Previously we were paying rent of $850 for a smaller apartment. We do have a common association fee of $324 monthly but that covers literally everything, water, outside insurance, trash removal. Landscaping, snow removal (huge if you’re in Northeast). Our condo is in a prime condo market area so I’m positive of the value going up. But HOUSE prices are facing much more pressure in my state so I’m glad we went with condo.

That is certainly not true about DACA status disqualifying you of competitive rates. If you have top notch superior credit history (we are talking very good history with score north of 775-800), you will qualify for the best rates.

“Not true” do you know what “most likely” means? Just because something happened to you 2face doesn’t means it will happen to everyone else. Lenders are being very picky with loans for DACA people, that is a fact well documented... not an anecdote. Also, the OP doesn’t have a 20 percent down payment which will automatically open up more scrutiny into his loan application.

Yeah, let me clarify I am speaking only on behalf of a CONVENTIONAL loan. I had only 10% down. If you’re able to put that much down and have excellent credit history, there is nothing stopping you from getting the lowest rate. I wasn’t asked anything about DACA. I just had to give them my work permit to prove the lawfully present status I believe. The real scrutiny will come if you have even the smallest issues in your credit history and also a little bit by the down payment like you said but DACA isn’t the thing that should hold you back. I know tons and tons of DACA recipients who’ve successfully closed on properties. Now I can see your point if you’re talking about like a certain state like Cali where DACA is highly scrutinized or well known or something and lenders discriminate like that..sorry I didn’t understand you if that’s what you’re saying.

Schooling people with your financial knowledge. I see you, brosef.