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Path: utzoo!watmath!clyde!burl!we13!ihnp4!fortune!burton
From: burton@fortune.UUCP
Newsgroups: net.invest
Subject: Re: Real Estate: Non-owner occupied Mtgs - (nf)
Message-ID: <3169@fortune.UUCP>
Date: Thu, 26-Apr-84 19:09:11 EST
Article-I.D.: fortune.3169
Posted: Thu Apr 26 19:09:11 1984
Date-Received: Fri, 27-Apr-84 06:22:12 EST
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Organization: Fortune Systems, Redwood City, CA
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#R:hou2b:-26500:fortune:15300005:000:960
fortune!burton    Apr 26 12:33:00 1984


About five years ago, when we planned to move from our condo to a house,
we determind that we could keep the condo, *if* we could get a 2nd mort.
on the condo, for downpayment on the house.  the numbers worked out OK.

As an owner, I could get a second up to 80% of appraised value, as a non-
owner, only 70%, and at a 1/2 % premium on the rate.

So ... we arranged for a lon close on the house, and told the bank that
the money was for a business opportunity.  And we forwarded our mail.  The
loan came through about 45 days before we had to move, and it all worked out.
After 18 months, I notified the bank of a change of address.  Stupid bank,
they never checked up if I still lived in the condo. ...  That was my way
of paying them back for the rotten service I'd gotten from them on ly
checking and charge accounts.

A condo is simpler than a house, and that includes master insurance.  But,
if you bank is as stupid was mine was, then it's no problem.