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Buying A Condominium
What Is A Condominium?
A condo is a structure where individuals/families own a single unit and some common areas within a multiunit structure. Condo owners are typically members of a Homeowners Association (HOA) and pay to have common areas maintained and serviced. HOAs are nonprofit corporations or associations with no ownership interest in the common areas; however, in a planned unit development, it may hold the title to common areas.
Financing Condominium Living
If you are considering the benefits and conveniences of condominium or condo living, you have come to the right place. Results Mortgage can help you navigate the requirements of financing. Condo financing differs from single-family home financing as all lenders must meet additional guidelines.
Many condo projects across the country are eligible for conventional financing. Here are some of the guidelines a condo must meet to be eligible:
All units and common areas in the project are 100% completed
Ownership requirements may apply. Some loans may require: 50% - 70% of the units be sold as primary residences or 2nd homes Less than 10% of the units are owned by an investor • The homeowners control the HOA and are in good standing with dues
HOA must not be involved in any legal disputes or mediation • HOA must be financially sound, i.e. budget, reserves, adequate insurance
Limits may apply to non-residential purposes within the structure; i.e. restaurants. Other Types of Financing FHA and/ or VA financing do require additional requirements. It is best to talk to with your Mortgage Consultant to determine a unit’s eligibility.
- Apr 05, 2019
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