If you are thinking about buying a condo, you will probably need a condo loan, providing that you are not paying cash.
Getting a loan on a condo might be more difficult than you might think. Condo loans do not mirror regular loans. First, a borrower must determine whether the development qualifies for the loan. Not every condo complex will qualify. Some lenders will grant a loan for a condo only to a person who will occupy the condo and live there. Other lenders might restrict or limit the percentage of rentals in the complex. Heck, with some of the condo prices lately, you've got to wonder why even get a loan. Some condos in California 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.
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At the time of writing, Elizabeth Weintraub, DRE # 00697006, is a Broker-Associate at Lyon Real Estate in Sacramento, California.