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?

Thank you for reporting this comment. Undo
badgergrrl

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
Thank you for reporting this comment. Undo
brickeyee

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
Thank you for reporting this comment. Undo
pamghatten

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
Sign Up to comment
More Discussions
Retiree - rent or buy home
We are newly retired and have a plan to sell our current...
waterlily_girl
CO inspections...and other issues/questions
Son is buying a 1951 home. Inspector noticed the top...
cindywhitall
Should we buy a home that was unoccupied for 6 years?
There is a cup-de-sac where a builder built 5 homes,...
coffeemama1
Driving A U-Haul, Towing A Vehicle Transporter
Well after all the looking and reading we have decided...
splais
Seller isn't signing the sale contract
Land has been on the market for 1.5 yrs and asking...
net42k
© 2015 Houzz Inc. Houzz® The new way to design your home™