Klieg
Logician
I have some questions about how one goes about financing the purchase of a pre-construction condo, so I was hoping the experts here could clarify things for me.
Let's say a purchaser wants to buy a condo for 300K, with the builder requiring a deposit of 60K (over time). Would the builder require the purchaser to pre-qualify for a mortgage covering the remaining 240K when they sign the PSA?
What if the purchaser qualifies for less, but they have enough cash to make up the difference (or anticipate that they will over the 2-3 years it will take for construction to take place)? Are some builders pickier about this type of situation than others?
Thanks for your help!
Let's say a purchaser wants to buy a condo for 300K, with the builder requiring a deposit of 60K (over time). Would the builder require the purchaser to pre-qualify for a mortgage covering the remaining 240K when they sign the PSA?
What if the purchaser qualifies for less, but they have enough cash to make up the difference (or anticipate that they will over the 2-3 years it will take for construction to take place)? Are some builders pickier about this type of situation than others?
Thanks for your help!