We all know who the elephant in the room is when we think property types...The Condex.
For those who are not familiar with the term Condex, its half a duplex in simple terms. A condo with no condo fees, in most cases. There has been an increase in bank owned and short sale Condexes in southern New Hampshire. The reasonable prices are very appealing to a great number of entry level homeowners. Only road block was obtaining financing. Now, FHA, VA and NH Housing all have financing options available for condex ownership.
Conventional 5% down payment...minimum credit score 680-700, both sides must be owner occupied.
FHA 3.5% down payment...one side needs to be owner occupied, FHA approval of condo docs.
VA 0% Down payment...building must be approved by VA in Manchester.
NH Housing 1% down payment w/grant, 3.5% down options. Household Income and purchase limits. Must be town water and sewer.
Rural Housing 0% down. Income limits, Must have FHA or VA condo approval. Not available in cities and larger towns.
**** Some or all of the following conditions may also apply:
- $1 million Liability Insurance for the whole building.
- 100% Replacement Cost Coverage on both sides.
- H06 Interior Insurance required.(subject side only)
- Arbitration agreement--in recorded condo docs or separate doc created.
- 2 months PITI reserves.
- Investor property flip rules apply.
- 14-30 time period for appraisal to be ordered.
- Maintenance agreement between both sides regarding the sharing of expenses for common areas.
- Bank owned may require a satisfactory home inspection.
So don't overlook the elephants, condex financing is readily available so check with your local lender for details or contact a loan officer at Prospect Mortgage for preapproval and condo approval. They're there to work with you in obtaining homeownership, TODAY.
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