Landing A Loan For Your Condo

Dated: 09/09/2016

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Landing A Loan

Unfortunately for condo buyers, lenders treat condos a little differently than typical single-family homes. The Federal Housing Administration in particular hasa number of regulations before it will back a loan on a condo unit. For instance, a minimum of 80 percent of the units in the building must be owner-occupied, so buildings that attract a large number of investors or real estate speculators will be off-limits to you if you want to get an FHA-backed loan. The building itself must also be on the FHA’s list of approved condo buildings, which means you might have to pass on the perfect condo if the building isn’t on the list. Buyers can still get a loan from a private lender without government backing, but the cost can be much higher, with many lenders requiring a downpayment of 20 percent or more.

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