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Buying a condo 

Condos can be appealing for many reasons. Maybe you’re looking for a second home, you want to buy a rental property, or you like the idea of owning and investing in a home, but don’t want the ongoing chores of lawncare and snow removal. But owning a condo is different from owning a traditional home. They often come with association fees and rules, including age limits, pet restrictions, and parking limitations. If you’re thinking about a condo, it’s smart to do a little homework first and make sure this option works for you.

 

Then when you’re ready to make your move, you can apply online or reach out to us, and someone from our team will walk through the process with you.

 

Six condo mortgage rules to follow:

  1. No more than 10% of the units are owned by one investor.
  2. At least 51% of the units are owner-occupied. 
  3. Fewer than 15% of the units are in arrears with their association dues.
  4. The Homeowners’ Association is not named in any lawsuits.
  5. Commercial space is no more than 25% of the building units.
  6. The complex maintains appropriate insurance such as hazard, liability, and flood insurance.

Loan options

When financing a condo, you can choose from a conventional, FHA, or VA loan. However, to qualify for government loans, the property must be listed on the FHA website’s list of approved condos or the US Department of Veterans Affairs database of VA Approved Condominiums. Their approval means the entire development (not just the unit you want to buy) has been found to be in good physical and financial condition.

Learn more about your loan options to find the best way to finance your condo.

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