Mortgage rules for condos?

newbuyer2007June 11, 2011

I've heard that associations have to have a certain amount (percentage, maybe?) in reserves in order for a person to get a mortgage on a condo.

Does anyone here know the requirements?

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They are usually lender specific, and also can depend on the property and its association fees. Some lenders require larger percentage down payments in addition to larger reserves.

    Bookmark   June 11, 2011 at 10:46PM
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Fannie & Freddie also have rules about what percentage of the units can be rented out vs. owner occupied.

A mortgage broker has access to more lenders than a single bank.

    Bookmark   June 13, 2011 at 10:13AM
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Fannie, Freddie, FHA, VA, lenders, etc. all have their own vey specific rules when qualifying a condo.

You need to speak to a lender or broker to get specific information.

    Bookmark   June 13, 2011 at 12:23PM
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