• ¡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.

Thread Rating:
  • 0 Vote(s) - 0 Average
  • 1
  • 2
  • 3
  • 4
  • 5
Condominium Loans
#1
Condominium loans are considered higher risk than single family home mortgage loans. For home buyers who only qualify for FHA loans, they need to make sure that the condominium they are buying is in a FHA approved condominium project. You cannot just purchase any condominium unit. The condominium complex needs to be FHA approved. Here is a list of FHA approved condos:

https://entp.hud.gov/idapp/html/condlook.cfm

For condominium mortgage loan borrowers who are approved with a conventional loan, they can purchase any condominium unit as long as they are a warrantable condo which means that the condo complex needs to be 51% or more owner occupant units. Condominium complex where over 51% of the residents are renters, it is referred to as non-warrantable condos which means that the condominium unit buyer cannot qualify for a conventional loan.

Please read these articles:

http://gustancho.com/condominium-loans/
http://gustancho.com/fha-approved-condos...age-loans/
http://gustancho.com/condominium-mortgage-loans/
http://gustancho.com/condotel-and-non-wa...an-update/

 
Reply
  


Forum Jump:


Browsing: 1 Guest(s)