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| Condominium FinancingCondominium 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. |
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