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Mortgage rules for condos?

Posted by newbuyer2007 (My Page) on
Sat, Jun 11, 11 at 22:24

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?

Follow-Up Postings:

RE: Mortgage rules for condos?

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.

RE: Mortgage rules for condos?

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.

RE: Mortgage rules for condos?

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.

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