The ins and outs of condo living

There are great reasons to buy a condo. For example, you may be interested in purchasing a home (or a second home or rental property), but you don't want to invest the time and energy into mowing the lawn, raking leaves, shoveling snow, and painting or repairing the exterior. Since most condo associations will do these jobs for you, purchasing a condo may be a great idea! However, condos often collect association fees to pay for the upkeep, and many have rules, including age limits, pet restrictions, and parking limitations that may or may not mesh with your lifestyle. Before purchasing a condo, consider all these points and make sure it's a good fit for you.

 

If the answer's yes, we can help! Just apply online or reach out, and we'll be happy to get the ball rolling.

 

Six smart rules for condo mortgages:

  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.

Financing your condo

When it comes to condo mortgages, you can choose from  conventional, FHA, and VA loans. Remember, if you're seeking a  government-funded loan, 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. Earning approval from those sites shows you that the whole condo development is in good physical and financial condition, making the purchase of your unit a safer buy.

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

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