Are you ready for the classy condominium lifestyle?
Luckily, we understand the condominium buying process - and it can definitely be unique, in comparison to a single-family home buying process. We offer a variety of loan options to meet your needs and a smooth process for a pleasant homebuying experience.
More and more people are deciding that owning a condominium, rather than a single-family home, is a better fit for their specific needs and lifestyle. Benefits include:
Reducing the amount of home maintenance you're responsible for - In many cases, lawn care and other types of outdoor maintenance are covered in your condominium fees (because who has time for that, really?)
Reducing the size of your home - Condominiums can be ideal living situations for singles, empty nesters, and small families who don't need or want to maintain a large home (smaller can be better!)
No-down-payment option available, with loan amounts up to $650,000*
Fixed and adjustable rate mortgage (ARM) available
Financing available for purchases and refinances
Non-warrantable-condo options available
Flexible condo review process
A unique aspect of condominium loans is that legal documents, financial documents, and other aspects of the project will be reviewed to be certain they not only meet with the lender's requirements but that you, the homeowner, are protected. A lender will look at several factors when determining whether a condominium association is financially healthy enough for the loan to be approved, such as:
If all planned amenities for the complex are completed
Percentage of condominium units that are owner-occupied
Percentage of owners that are delinquent on their monthly dues
The amount of money in budget reserves and whether the condominium association has sufficient insurance
Whether the condominium association faces any pending litigation
To learn more about this process, and how you can get started with a condominium loan application, find a mortgage loan professional near you.