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What are My Options for Getting a Mortgage on a Condo? FHA, VA and Conventional
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% or higher, even if the condo project says it is approved.  The owner occupancy rate, is the % of people who actually own the condo and live in it.  Also, pay attention to approval expiration dates. VA- Just like with FHA, to finance a condo with a VA mortgage it must be VA Approved.  Instructions on how to verify if a Condo is VA Approved.  Conventional- This is where it gets tricky.  The min down payment on a Conventional loan for a Condo is 10%.  If your down payment is less then 20%, then the owner occupancy rate must 70% ... more

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