CONDO LOANS

by Basak Cakici

Loan options for Condo purchases!

3% down option - for first time buyers
3.5% down FHA option in some cases (Condo complex must be on the FHA approved condo list OR lender needs to apply for a single unit approval to FHA ) Some condos might not be eligible for this.
5% or more down, conventional loan

Condo purchases are generally not financeable when a condo complex is "non-warrantable" where there are problems such as an HOA litigation. In this case, other loan products ARE available, but require larger down payments and higher interest rates which is typically less feasible for Buyers.

If you'd like to discuss a specific condo property or would like to learn more about condo financing, please let me know! I'll connect you with my lender colleagues who can help.

Here's an excellent short video, by my colleague Mike Trejo, Broker/Owner of Bridgepoint Funding as well.