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condo: UPDATE: What is a Condo Limited Review? It may just save your Deal
- 07/28/15 11:06 PM
We all know condo financing has gotten ridiculously hard. Few are FHA Approved, taking out the FHA mortgage option for someone buying a Condo. So that leaves us with the Conventional loan route. But many lenders and mortgages require an owner occupancy of 50%+. The owner occupancy rate is the % of people who own and live in their condo vs those who rent out their condo. So what do you do if the condo is “non warrantable” and does not meet the owner occupancy rate needed to get approved for a mortgage……..
The Answer is the Condo “Limited Review”. Here is … (0 comments)
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condo: Why is my Interest Rate Different than Their's?
- 11/20/14 01:24 AM
When dealing with mortgage rates, at times I have heard a client say “Why is my rate different than theirs?”. The “their” being a friend’s, coworkers or even an advertised mortgage rate online. So I got to thinking…. It would be good for someone getting a mortgage to know the factors that go into the calculating of their interest rate. So here are the major items that make up your specific interest rate:
Credit Score- This is the obvious one, as your credit score will determine your interest rate. As an example on a conventional the mortgage rate can … (2 comments)
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condo: The Con-Do’s and Con-Don’ts of Getting a Mortgage for a Condo
- 11/01/13 05:32 AM
Getting a mortgage to buy a condo can be more difficult then buying a regular home. Before buying a condo, you will want to make sure you know the general Con-Do’s and Con-Don’ts of getting a mortgage to buy a condo. Here they are:
Don’t make an offer on a condo if you are pre-approved for a FHA loan without making sure the condo project is also approved for a FHA loan. As the condo must also be FHA approved. Here is the link to see if a condo is FHA approved. Do make sure you know the Condominium … (0 comments)
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condo: What is the Condo Limited Review? Well, it may just save your Deal
- 07/19/12 03:58 AM
We all know condo financing has gotten ridiculously hard. Few are FHA Approved, taking out the FHA mortgage option for someone buying a Condo. So that leaves us with the Conventional loan route. But many lenders and mortgages require an owner occupancy of 70%+. The owner occupancy rate is the % of people who own and live in their condo vs those who rent out their condo. So what do you do if the condo is “non warrantable” and does not meet the owner occupancy rate needed to get approved for a mortgage……..
The Answer is the Condo … (2 comments)
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condo: How do I Find a FHA Approved Condo for My Homebuyer?
- 02/20/12 01:51 AM
As you know condo financing has become much much much harder! But what do you do if you are working with a homebuyer who is FHA approved and wants to buy a condo. You can not rely on the listing agent’s comments on if it is approved for FHA financing, since some times they are wrong or their information is out of date. And you can’t drive all over the city hoping to find a condo your client likes and cross your fingers it is FHA approved. So here are the 3 quick steps to find FHA approved condos for your … (2 comments)
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condo: What are My Options for Getting a Mortgage on a Condo? FHA, VA and Conventional
- 07/20/11 05:02 AM
If you are interested in buying or refinancing a Condo, you need to know your mortgage options and requirements. Unlike when you want to buy a regular home, condo's have more restrictions and requirements. Here are the explanations for Condo financing for FHA, VA and Conventional Loans:
FHA- If you want a FHA loan and plan on buying or refinancing a Condo, the Condo must be FHA Approved. Instructions on how to verify if a Condo is FHA approved. Also Make sure that you look at the comments section, for any other information. The owner occupancy rate must also be 51% … (0 comments)
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condo: How To Find Out if That Condo is Approved for a VA loan
- 01/20/11 07:19 AM
Condo financing has gotten harder. In order for your buyer to buy a condo with a VA loan, the condo must be VA approved. In order to find out if the Condo is VA approved checkout: VA Condo. It is the direct link to VA's website to find out if the condo is approved. Please call or email me with any questions.
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condo: C is for Condo, T is for Townhome. Pay Attention to which it is in Houston, Texas
- 01/19/11 12:02 PM
Here in Houston, we have a unique situation. It is "condos" that look like Townhomes. It walks like a townhome, talks like a townhome, but its quacks like a condo. The property is listed on HAR.com(MLS) as a townhome, it looks like one. The contract is done on a 1-4 family residential contract. But on the tax record it shows a Condo. to know the exact answer, look up the property on the Harris County Appraisal District. And look under the "building type". Some genius came up with the idea that if you call townhomes, condos you can build more of … (0 comments)
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condo: How to Find out if that Condo is FHA Approved.
- 07/02/10 03:20 AM
Condo financing has gotten harder. In order for your buyer to buy a condo with a FHA loan, the condo must be FHA approved. In order to find out if the Condo is FHA approved please use this link: FHA Condo. It is the direct link to HUD's website to find out if the condo is approved. I suggest making sure you put the condo project's name in the search options, it will give you the best result. You can also search for approved complexes by searching by zip code. And make sure the approval is not expired. The approval expiration … (7 comments)
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