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Condominium Financing

Condominium financing can be difficult at times. Most condominium financing programs will require the condominium will be less than four floors and will have more than 50% of the units occupied by their owners and that the financing be less than the conforming limit, currently $417,000. If this describes your situation, you will find many condominium financing options under the Loan Programs section. If you are considering FHA home loans for your condominium financing, your condominium will need to be on the approved condominium list. I have included the link to the FHA site. I have also included some additional information on FHA condominium acceptance.

However, if the condominium does not these standard criteria, we have several condominium financing programs which will help. Condominium financing programs are available for high rise condominiums and for condominiums whose owner occupancy ratios are below 50%. These are commonly called "non-warrantable" condominiums and will be just a bit more difficult to find financing for. Rates for this type of condominium financing are generally 1/4 percent above the current market but we can almost always get your financing done. You will still be able to choose from fixed rate or ARMs and interest only mortgage options are readily available.

I have included a page on condominium financing documentation requirements.

I also have a Free report "Buying your First Home" available by email. There is also a well written article on condominiums as an investment available by email.

Read more about Condominium Financing Closing Costs

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.

Be sure to visit the Mortgage Library.

I have an article "Buying your home in 2008" by email explaining negotiating strategy in today's market.

Read my new lock or float daily blog to see where rates are going

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. If any of these free analysis are of interest to you, please email me with as much specifics of your situation as possible

New! View my Wealthbuilder presentation and learn the safe way to manage your home equity and fund your retirement.

I hope this information was useful to you. Please scroll down to view my Mortgage Market Guide. A weekly publication explaining the financial markets from a consumer's perspective that is available by email. I have nearly 8,000 subscribers and would be happy to have you as well. Your email address will never be used for any other purpose.

Condominium FinancingPrequalify for your Condominium Financing.
 


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