• ¡Welcome to Lending Network!
  • America's Fastest Growing Loan Scenario Online Forum
Hello There, Guest! Login RegisterLogin with Google+

Welcome to Lending Network! America's Number One Loan Scenario Help Center For The Public Join Our Lending Network Online Community Forum And Ask Your Loan Case Scenarios To Our Moderators & Real Estate Professionals.
It takes seconds to become a member. Lending Network was created and launched as a mortgage, real estate, and credit information center for the general public to utilize it as a loan scenario help desk online community forum.

Poll: Was this thread helpful?
Yes it was very helpful
No, it was not helpful
[Show Results]
Note: This is a public poll, other users will be able to see what you voted for.
Thread Rating:
  • 0 Vote(s) - 0 Average
  • 1
  • 2
  • 3
  • 4
  • 5
Condo versus Home mortgage loans
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.



Forum Jump:

Browsing: 1 Guest(s)