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Condo Finances


Above: image from a former condo listing of Adam's - image by Adam


In this article, I wanted to go over some of the differences between condos and other houses, especially in terms of finances, & within finances, especially in terms of lending differences.


Differences Outside the Scope of Lending Differences

- Lower Rate of Appreciation

+ Lower Purchase Price on Resale

+/- More Rules

+/- Higher Monthly Fees, But More Covered


Lending Differences for Most Loans:

+/- Higher Interest Rates When Putting <25% Down

+/- Some Lenders Can't Do Condos

Lending Differences for VA & FHA Loans:

Check to see if it’s approved for VA or FHA


Lending Differences for Conventional Loans:

Higher Down Payment Requirement In Some Cases, Depending On Lender, With Some No Down Payment Loans Still Available

How to Check if an Association is Approved?

Conventional Loans Available for Non-Warrantable Associations

Related:

Receipt of Association Packets

Mortgage Recommendations

Modular, Manufactured, & Mobile Homes

How's the Market?

What Adam Offers Buyers

Buyer Guide

What Adam Offers Sellers

Sellers Guide

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