I am not a mortgage lender. I am a Realtor but there are certain basics of the mortgage process that I need to understand and educate my buyers and sellers. I also have some excellent mortgage professionals on speed dial, not just for loans but to verify or answer questions. Depending on what type of mortgage you are using to purchase your new home you may not be able to buy a certain property.
In Massachusetts we have a Mass Housing Loan. This loan is popular with home buyers that have great credit, are established but don’t have a big down payment. 3% down, no MI. But like any other other mortgage there are certain guidelines that not only the purchaser but the condo have to meet.
I have a listing that was listed previously with another agent. Two offers fell through because of financing. I had an interested party that came in with another agent. Based on the circumstances and the fact that the pre -approval letter was outdated I requested the buyer get pre -approved through a lender I trusted. They did not have to use this lender, just qualify with them.
Turns out this buyer was not qualified to buy this property. I also learned the condo itself was not eligible for a Mass Housing Loan.
The property is a new condo conversion, converted 2 family. The upstairs unit has already sold using a Mass Housing loan and it turns out Mass Housing will not take on the risk of loaning on a whole building.
I’ve been a realtor for 12 years and am continuously learning new things in order to best represent my sellers and buyers. There are many nuances involved in purchasing a condo.
Are you considering buying a condo in or North of Boston? Do you have questions ? Please contact me.