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Buying a Condo and What You Need to Know
Looking to buy a condo? The good news is, there are plenty of quality condos for sale in a wide variety of price ranges. The bad news is, buying a condominium is more complicated than buying a traditional single-family home. This is because mortgage lenders have different requirements for buyers interested in purchasing a condo.
This doesn't mean that buying a condo is hard or stressful. But you should be aware of the different requirements that lenders enforce before they approve condo buyers for loans.
The key difference is that when you apply for a loan for a single-family home, mortgage lenders focus mostly on you and whether you are a good risk to pay your loan back on time. When you apply for a condo loan, however, lenders must also worry about the financial health of the condo development in which you want to buy.
If you're applying for a conventional mortgage guaranteed by Fannie Mae or Freddie Mac or one insured by the government such as an FHA or VA loan, you'll need to make sure that the condo unit you want to buy is warrantable.
What does this mean? First, no one owner can own more than 10 percent of the units ... more

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