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Why are Condos so hard to finance?
Condo financing is not always easy! Mark Taylor provides some great advice and insight into why it can sometimes be a difficult process. Be sure to ask me if you're looking at condos and I'll help you find out if you can get financed, or if it will need to be a cash purchase. Even if the listing agent has said it is OK for FHA financing, it really may NOT be. Ask first!

Number one question I get asked now is "Hey Mark can you finance this condo?"
Good news is a few months ago I would just get a contract on my desk and have to call and say "sorry no way Jose" - at least things are changing for the better in terms of; I better check first before writing an offer!
So lets talk condo's. There are 3 types - Warrantable, Non Warrantable! and FHA/VA Approved
What is a Non-Warrantable Condominium?
If this condo project can be financed it is with very few niche lenders and a higher rate and heavy down payment 30%+
A Non-Warrantable condo is any condo that does not meet Fannie Mae guidelines. There are many rules and regulations to “Warrant” a condo ... more

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