Condo Financing Options
Condo financing can be difficult at times. Most condo financing programs will require the condo will be less than four floors and will have more than 50% of the condo units occupied by their owners and that the condo financing be less than the conforming limit, currently $417,000. If this describes your situation, you will find many options under the Loan Programs section. If you are considering an FHA loan for your condo financing, it will need to be on the FHA approved condo list. I have included the link to the FHA site. I have also included some additional information on FHA condo acceptance.
However, if the condo does not meet these standard criteria, we have several condo financing programs which will help. Condo financing programs are available for a high rise condo and for condos whose owner occupancy ratios are below 50%. These are commonly called a "non-warrantable" condo. Rates are generally 1/4 percent above the current market but we can almost always get your condo financing done. You will still be able to choose from fixed rate or ARMs and interest only options are readily available.
I have included a page on Condo financing documentation requirements.
Read more about Condo Financing Closing Costs
Be sure to visit the Mortgage Library.
I have included a section on the new Cash Flow Arm. A LIBOR or MTA based product which gives you complete flexibility in managing your mortgage.
In 2008, Short Sales are where most of the bargains in real estate are. Learn more about Short Sales
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Brand New! I have purchased new financial modeling software that can do sophisticated analysis of your situation today as well as make suggestions on how small changes in how your mortgage is structured today can have a life changing effect in the years to come. Modules available include the Total Cost Analysis to compare the cost of up to 4 loans over the length of time you plan to be in the home; an Equity Repositioning Analysis to see how small changes in your debt structure today can have a huge impact in years to come; a Consolidation Analysis to see how consolidating debt can change your financial future; a PMI Analysis to see if eliminating PMI will be effective for you; and a Rate Watch Report which all my past clients are enrolled in to insure they remain in the mortgage that is best for them in their current situation.