timeshare

[youmyboyblue]

Originally Posted by fishinpox

Not sure about timeshares but last year I was looking into buying a condo in Fla . The way the market was and still is , it was a smoking deal . I was gonna use it as a vacation home and rental basically letting the rental $ pay for the unit. The numbers I was told sounded like it was very possible to knock a 30 yr loan out in 10 years if I rolled all revenue into the note , my $ is tied up now but when I sell this house I'll probally buy 1

Careful with the financing of these. Most Florida (vacation) condos do not fall under Fannie mae regulations which will require you to use a banking institution not selling(backed) by Fannie. It requires a much larger down payment (30%) a shorter Amortization (15/20 years) and a higher rate.

Reason being is the % of owner occupied units needed to qualify for fannie mae
is not met. Another reason is many of these are sold in percentage stakes. Bob owns 25%, franks owns 25, Jerry 25% etc..