If you're not paying cash, then you're definitely getting a condo loan to finance a condo.
It's not as easy as you may think. Condo loans aren't like regular loans. You've got to jump through a bunch of hoops to make sure the development qualifies for the loan. Not every complex will qualify. Some lenders will make only owner occupant loans on condos. Others want the percentage of rentals to be very low. Heck, with some of the condo prices lately, you've got to wonder why even get a loan. Some of them are selling for the price of a used car.
It might be cheaper and easier to just pay cash . . . read more about how to get a Condo Loan.
More Articles by Elizabeth Weintraub:
©Elizabeth Weintraub
Technorati tag: condo loan
At the time of writing, Elizabeth Weintraub, DRE # 00697006, is a Broker-Associate at Lyon Real Estate in Sacramento, California.
Comments
With condos I find its really important to find out if there is more than 1 association fee. Who wants surprises. There could be more than 1 water bill as well.
“Even if you were to be given the rules today, they’re probably already out .
The asking price for some condominiums today are almost unbelievable. Many home buyers become excited by the low sales price and are equally disappointed when they hear the amount of the HOA fees, real estate taxes and/or special assessments required due to insufficient reserves.
Here in the Tampa Bay area of Florida, there are hundreds of condominium neighborhoods that were originally built as apartments and converted to condominiums.
If you are considering owning a condominium for the first time, it’s critical to do your homework on the condo complex, the financial stability of the homeowners association, the condition of the amenities and the lease/rental restrictions if you intend to purchase as an investment property.
The asking price for some condominium units today is almost unbelievable. Many home buyers become excited by the low sales price and are equally disappointed when they hear the amount of the HOA fees, real estate taxes and/or special assessments required due to insufficient reserves.
Here in the Tampa Bay area of Florida, there are hundreds of condominium neighborhoods that were originally built as apartments and converted to condominiums.
If you are considering owning a condominium for the first time, it’s critical to do your homework on the condo complex, the financial stability of the homeowners association, the condition of the amenities and the lease/rental restrictions if you intend to purchase as an investment property.