What You Need to Know About Condo Loans

Condominiums can be a great low cost, low maintenance solution when you are choosing where to live. Unfortunately, receiving financing for a condo can be more challenging than receiving a conventional loan on a traditional home. What You Need to Qualify Loan qualifications for a condo loan are often more stringent and there are a few things to consider when applying for a condo loan: You may need a larger down payment to get the best mortgage rate for your condo. The homeowners association for the condo complex may have additional financial qualifications before you can buy a unit in their complex. Lenders look at not only your financial standing, but also the financial standing of the developers. Different loan programs have different requirements for the condo developers. The condominium complex must hold a certain amount of HOA fees in… Read More