A Single Family Instead of a Condo?

By
Real Estate Agent with Coldwell Banker Residential Brokerage

I recently waded back into the world of showing condos. A young teacher wants a simple condo and has limited funds for a down payment, but good credit.

Finding a FHA approved condo he might like is tough. Conventional financing? Well it can be done, but my loan officer says te

he condo association has to fill out a six page questionaire and the minimum down payment is going to be a challenge. She is an experienced loan officer and is concerned over how much more complicated the condo financing process has become.

I suggested a single family home, but I think the condo lifestyle is more what he wants. My suggestion did not help.

Anyone with good ideas on navigating the condo financing world on Active Rain?

Posted by

Jerry Van Pelt

Coldwell Banker Residential Brokerage

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Fred Griffin, on leave of absence from ActiveRain
Fred Griffin Real Estate - Tallahassee, FL
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    In Florida, one challenge is providing the Lender with the Condo Association Documents, and the Financial Statement of the Condominium Association.  They are keen on what percentage of condo owners are current with their dues payments.

   I assume that is what is in the 6-page questionnaire your lender wants from that Condo Association.

Mar 08, 2012 04:19 AM #1
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