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Fraud101

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1 Person Helped
I want to buy a low end condominium around 40,000 w/o various hard pulls on my credit suggestions
I am eligible for HUD homes but they never have an open wait list.
This I'd like to do it on my own.
Paying less than rent while building credit for on time mortgage payments .

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Top Contributor
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STOP and Read, 

Do you know what the HOA Fees are monthly?
Do you know what the taxes will be yearly?

Have you talked to folks that live in the Condo Complex? ( YOU Need to as many as you can find )

Does the Codo Reserve fund fully funded or do they live year to year?

When was the last time the Roof on the Condo was replaced?

How many Units are in the complex?

How many folks are behind on paying their monthly HOA's?

and the LIst goes on and on. 

You need to do your Home work when getting into any Condo project. 

Good Luck

Top Contributor
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4252 People Helped

If you are eligible for a HUD subsidy, you are not eligible for a mortgage.

Top Contributor
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27 People Helped

No Way Around Hard Inquiry!

If you are looking to finance your condo purchase, there is no way round a hard inquiry.  For FHA Loans, the minimum acceptable credit score is 620. Before you apply, be sure to have your credit in the best shape possible.  If you have a mortgage company in mind, make an appointment and ask questions.  Be truthful about your financial situation if your credit is less than excellent.

I would also suggest that you create a monthly budget based on the cost of your new condo.  Look at the costs for the next year; that's right, a full 12 months!  Include mortgage, HOA fees, utillities, etc.  Be sure you can afford your new home.  

Happy hunting!

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