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Buying a Condo? Here's what you need to know
Buying a Condo?  Here's what you need to know
 
 
     In putting together a series on buying a condo with mortgage financing, I already dove into some of the more complicated property types, transactions, and potential pitfalls - those involved with non-warrantable condos & condotels.
 
     We skipped over the more basic, but also very important, information that anyone buying a condo of any type needs to look out for.  Buying a condo is similar to buying a single family home in many ways.  Same loan application, same documentation needed from the borrower.  Where things differ most is how a lender analyzes the property. 
 
 
     First and foremost, condo buyers using mortgage financing need to make sure they're working with a mortgage professional that is familiar and experienced with condo lending.  An experienced condo lender will do the following:
 
- Send in a condo questionnaire AT THE BEGINNING of the buying process.  I like to get a questionnaire done as early as possible to ensure a condo is warrantable and able to get financing under conventional or FHA guidelines.  If not, we need to look at non-warrantable condo lenders and guidelines(see the link above). ... more

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