usaa is not providing mortgages or re-fis for condos these days.

[msongs]

called em op to inquire about options and they said if you have a condo, forget about it. I asked if
they were slammed with defaults etc and she would not comment

[TexasBushwhacker]

1. Condos have a higher default rate than single family homes

Their lower cost makes them less lucrative for the banks too, so they just don't consider them worth their time. You might have better luck at a small local bank or credit union.

Also, if you're a first time home buyer, look into what kind of assistance programs are available in your state. They often have lists of lenders who do offer loans on condos, mobile homes etc.

[Xolodno]

2. Preparing for the storm.

There will be defaults higher than usual soon....if they haven't started already. I live in California, so the moratorium by the Governor has helped...but he can't do that forever.

I've seen very few apartments come up in my area...and their still asking top dollar. Land for sale signs have been popping out like weeds...and again, asking for top dollar. But nothing is moving. I know one person who is a realtor and does ok for himself....he just changed jobs.

Another person I know who is a manager at a mortgage brokerage, some friends told me he is moving as he got a job in corporate. I said of course he did. He knows his office is going to close and he'll be unemployed. Plus it didn't help 12 months ago he took out a HELOC....told me it was just going to do some landscaping in his backyard....he put in a pool and a shit load more. Even then, I know his job isn't secure. Field offices close first....then the corporate blood letting follows soon after.