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Condo versus Home mortgage loans
#1
Condominium mortgage loans are tougher and have stricter mortgage lending guidelines than single family home mortgage loans. Condos are considered riskier investments than single family homes. If a mortgage applicant is only approved for a FHA loan and cannot qualify for a conventional loan and wants to purchase a condominium unit, he or she can only purchase an FHA approved condominium. The condominium complex needs to be a FHA approved condominium. If the condominium is not FHA approved, a condominium home buyer can only purchase the condominium with a conventional loan only. The condominium complex also needs to be a warrantable condominium. By warrantable condo, over 51% of the condominium unit owners need to be owner occupant. If 51% or more of the condominium units are rentals, then it is considered a non-warrantable condominium. Here is an article that was recently written and posted on http://www.gustancho.com about condo versus home purchase.

http://gustancho.com/condo-versus-home-purchase/

 
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