Condo has maintenance fee and tax propery

Almost right, Mortgage insurance is required if borrowing more than 80%, and yes VA mortgage offers 100% financing to veterans. That is true. FYI not all damages are covered by hazard insurance. They covers just fire, and maybe some "act of god" damages. If your property got flooded and no flood insurance, your pretty much out of luck even if you got hazard insurance.

Homeowner's insurance is required and that is to cover damage or loss to the property.


Mortgage insurance is for people who are borrowing 100% financing.

My husband is using his VA (due to being in the Marines) loan for 100% financing and because it is a VA loan, we wont have to have mortgage insurance. :) If we were using a convential loan, we will have to pay mortgage insurance.
 
One big difference between the insurances:

Mortgage insurance protects the mortgage lender.

Hazard insurance protects the home owner.
 
Traditional banks cant lend that low. Only one mortgage company can and thats the Guild Mortgage in Las Vegas and this company receives the funding from Fannie Mae & State goverment for distribution to borrowers.

It is specifically designed for first home buyers with disabilities & low and middle income.

However, do your homework and No I am NOT LYING.:pissed:

I want to share with my fellow people who doesnt know about this product and i thought its a good way to spread the word.

yes, It is nice give share with someone. but in other way don't try lie ok!. I talk with my hearing friend who work for realtor agent. He answer me. I start laughed. I cannot understand why several ppl post make up or start lie.
 
yes, It is nice give share with someone. but in other way don't try lie ok!. I talk with my hearing friend who work for realtor agent. He answer me. I start laughed. I cannot understand why several ppl post make up or start lie.

Who lied you?
 
Who lied you?

Me. TWFalcon thinks I am lying out loud. As I have stated there is a 4% fixed rate 30 year mortgage for disabled first home owners. TWFalcon claimed 'so called realtor' saying there is no such a thing out there that low.

That sucks and I will have to scan my application form and post here for TWFalcon to see. Anyway, I am now in first week of escrow and cant wait to get my house in about 5 weeks time. Just completed property inspection. All are good some needing fix.
 
yes, It is nice give share with someone. but in other way don't try lie ok!. I talk with my hearing friend who work for realtor agent. He answer me. I start laughed. I cannot understand why several ppl post make up or start lie.

Anyway, TWFalcon, prepare to humiliate yourself and I dont blame your hearing friend because this program is not widely known.

I have scanned application and has cleared some fields which is of confidential nature but you can see the 4% fixed for 30 years with Guild Mortgage.

Application.jpg


Now, I am not lying.:deal:
 
Funny thing that, someone mentioned mortgage insurance. I recently came across something truly scary;

First, a primer:
Joe Six-Pack (J6P) purchases a home with 100% financing, and declines private mortage insurance (PMI). The lender collateralizes the loan, among hundreds of other loans, into a much larger financial instrument for the financial markets. However, lenders aren't stupid; They need insurance somehow, should the underlying loan fail. They create yet another financial instrument - The Synthetic CDO.

Synthetic Collateralized Debt Obligations

They then market this instrument to the usual suspects; pension funds, mutual fund managers, institutional investors, etc. In effect, the financial service is holding a CDO and paying an insurance premium to these financial managers. In return for the premium, the financial managers agree to cover the risk of a financial default, without having to give up their capital! Wow, free money... (Well, almost! But as you can see, not quite.)

And don't get me started on how financial institutions actually short CDO offerings by proferring 'insurance' on financial instruments they do not own!

Of course, if the underlying loans default, the financial managers and their funds are now on the hook for the losses. That can mean a quick liquidation of their U.S. Treasury/stock/bond holdings to satisfy the lenders. The scope of the 'reinsurance' market via this route is unknown. It may well be possible that your mutual fund may participate in synthetic CDO's, and their entire portfolio (and your money) may be wiped out in a quick fashion should insurance obligations be redeemed on a widespread scale.

Now, I don't know how to 'read' a mutual fund prospectus to see if there's any 'reinsurance' exposure to synthetic CDO's, to definitively tell you which ones to avoid, etc. Worse, your pension fund may participate in such offerings, and you usually can't 'opt' out of a pension fund.

In all, the PMI market does carry its own set of rewards and risks, a market I will definitely dare not tread, either via my mutual fund or pension fund.
 
Also what's good thing about the condo is that you don't have to pay the government property taxes while you are paying for the HOA which cover the fire insurance, pool maintence, buildings maintence, manager office, gym, taxes, etc. I don't think the condo is THAT bad, and would rather get it than apartment if I could paid off the condo.

But your location seems are too expensive! At my area, it cost about 100,000 to 200,000, but that price is going down and down because too much tighten housing market around here.

Also the land with mobile home, where I am living right now, my parents and I are planning to build the townhouses, each of the unit are built seperately, also I am thinking about oppucy one of them, which will only cost me $100,000 to build while it is worth about 190,000 to sell! Also I am a condo/townhouse lover because they save alot of spaces and lands!
 
Due to unauthorized referrer at uploader.ws website. I decided to use with Imageshack for this forum.

Here I go

applicationxx6.jpg
 
This is what I've had to mail to each unit of our building.

Dear Member of the Riviera Apartments Association,

I'm writing to you as one of the owners in the Riviera Apartments Association and this is not an official Riviera Apartments Association communication and I will not be asking for reimbursement for the costs of this communication and petition.

I have lived here for 15 years and I know what is exactly needed to be done to improve it's safeworthiness, appearance, and property value without asking the owners to shell out huge sums of money. This is one of the things I promised when I was elected as the super of this building on October 2006.

As you already know;

1) Your quarterly dues have gone up.

2) Youre being asked to vote on a special assesment thats nearly twice the amount of your new quarterly dues.

In my perspetive; this is the result of runaway spending by Northwood Association Management Corporation, LLC. (NAMCO). By the previous board, NAMCO was hired to manage our association and we currently pay them about $300 a month to manage it for us.

So far NAMCO has not been as communicative with our board, especially me, with regards to property upkeep. We've nearly had our water turned off, no communication from NAMCO with regards to emergency plumbing issues, and the adoption of runaway expenditures that have not gone through proper proccess as defined in our bylaws. This is one reason we're facing dues increases and special asessments.

Such huge expenses can be AVOIDED by using brand new materials offered through craigslist and so far I got roofing patch material, roofing paste, paint for free. Theyre all in the shed by the parking lot and I'll show it to you if you want. I also found brand new replacement fencing materials for the entire dumpster area for less than $350 from the craigslist and add $200 for the tustin blacksmith to do the work. The work already done has stabilized the wall making it easier for people to climb over it to scavange our dumpster. On sunday afternoon, I had to kick such a scavenger out of the dumpster and hed climb over the brand new gate out of the dumpster area.

Were being asked to pay about $40,000 for the roof. And weve already spent over $650 just to to only replace the gate in the dumpster area. They say they approved the gate replacement at the May 25 meeting and I dont see any bids, nor was there anything on the agenda for this, and we didnt vote on this. I'll show you the meeting book from that meeting.

Even spokier, after I announced at the January 27 meeting we should audit the association books pertaining to Gerhardt's management of our association, the books have disappeared. And even interesting on the May 25th meeting in Zaf's posession, I saw an old letter from Bud Walworth a, previous owner, communicating with the association back then. And letters like the one I saw in Zaf's posession were part of the books that have disappeared.

This is runaway spending and its against what I promised to deliver when I asked to be elected as the building super. Also we are also being stalled by NAMCO from getting $3,000 rebates for the 2 water heaters. NAMCO has proven to frustrate my attempts to bring costs down and thats why youre seeing your dues go up and the assesment fees. And YOU the OWNER will be the ones to PAY for this.

I have prepared myself to be able to handle the association management. I have been trained to use a web based computer program called by Association Management by Buildium, LLC. This works as my brother in law uses it to manage is successful commercial property management business. This is completely a web based system that costs about $400 in the first year and $250 each year thereafer. And for my time I would be asking for $100 a month stipend to manage the association. That would means a savings of $2000 in the first year and $2150 in subsequent years in association management expenses.

Buildium Property Management Software, Condo Association Management, Online Property Management

Buildium Online HOA Association Software, Condo Association Management

This system will enable to maintain the banking, revenue, expense ledgers, and assist with filing the legal reports needed.

I even created a website account for our Riviera Apartment Association.

https://rivieraapartments.managebuilding.com you need to log in with an email address.

Benefits from this new system;

1) Pay your association dues payments online from your checking or savings accounts via the Automated Clearing House (ACH) network and credit cards.

2) Check on your payment status and current balance.

3) Communicate with other owners of the Riviera Apartments Association.

4) Our own forum where we can share ideas.

Each owner will have it's own login account access and for those who are computer challenged this system will communicate using letter reports, billings, and mailed via US Postal system.Therefore this system will be used by both people who are computer literate and those who are not.

The botton line is were facing a runaway association managment that needs to be curtailed asap and that you have been presented with a safer and cheaper alternative. And the new association management will be on premises 24/7 than 9-to-5 mondays-fridays we already get from NANCO. With this being web based. I can manage the association at home, office, and even in the great wilderness of the San Gabriel Mountains, my childhood playground, using my sidekick communicator.

I ask for your support to terminate the association's relationship with NAMCO immediately.

Please sign and return the enclosed petition to me in the enclosed pre-paid envelope. The sooner you get this to me, the sooner we can make changes and the sooner we can start working on getting the costs lowered so we can get the monthly dues reduced.

Thank you very much for your time to read this important letter and I hope we can work together to effect changes to make our property more managemable and save money in the process.

Richard Roehm
Homeowner Unit #4
 
Not enough information

To verify your information... you need to show us the HUD settlement on the day of closing. That where all information are true. Watch your back or you will be in trouble with fees.



Due to unauthorized referrer at uploader.ws website. I decided to use with Imageshack for this forum.

Here I go

applicationxx6.jpg
 
i own a town house.. and pay cheap HOA fee $100 a month.

kalista.. tax-deductable.. it depends how much interest you pay.. its not always work that way.

some people pay mortgage and couple interest.. and found out its not tax-deductable because they didn't reach their standard decductable.

so be careful about this.

That is interesting... I will find out with Financial Services when I will come back here from vacation.
 
To verify your information... you need to show us the HUD settlement on the day of closing. That where all information are true. Watch your back or you will be in trouble with fees.

HUD 1 will come in at the end of this month. However, with all the fees and expenses, these will be paid by Cal-HFA as a 30 year deferred loan(2nd loan) and I am NOT too worried about this. The fees will be repaid back 30 years later or house sold earlier than 30 years.

I love my 4%, fees paid and everything. I'm more than happy with the repayments comparing with prime loans. HAHAHAAA Smiles
 
How's about outskirt area and to see find reasonable the price of range.

I've seen on T.V. house hunters and HDTV mostly addict to watch t.v. only this channel. (chuckles)

I watch that show too... even the PRoperty Virgins which I've learned alot even though I own a townhouse smile...
 
U want expensive? Try Maryland...condos sell for about 250 K and above. Townhouses about $350 K and above (good condition good neighborhoods) and houses .....forget it! No wonder I dont own a house yet!!! GRRRRR :pissed:

Look at us, now you have own house ! I own a condo now... :)
 
Back
Top