Condominiums, often referred to as condos, offer an appealing choice for homebuyers seeking low maintenance, urban living, and a sense of community. However, securing financing for a condo can present unique challenges compared to single-family homes.
In a condo, individuals own their unit while sharing ownership of common areas and facilities within the building, such as pools or landscaping. The homeowner’s association (HOA) typically manages the shared spaces, funded through monthly HOA fees paid by the owners in addition to mortgage payments.
Financing a condo involves considering additional factors compared to single-family homes, potentially leading to higher down payment requirements and interest rates. Lenders not only assess the buyer’s financial history but may also evaluate the condo community’s overall condition and financial health.
Certain loan types have specific requirements that condo associations must meet to qualify as “warrantable.” However, for properties that don’t meet these criteria, Supreme Lending and other lenders can offer options for non-warrantable properties, including Conventional, FHA, VA, and new construction loans.
Despite the complexity, Supreme Lending streamlines the condo loan process with an expert in-house Project Review Office team. They focus on gathering and processing necessary documents for condo loans, ensuring a smooth homebuying experience.
If you’re considering financing a condo now or in the future, contact us to get started.
At Supreme Lending, we recognize that the mortgage process can seem daunting, particularly for those embarking on their homeownership journey for the first time. Our team of committed mortgage experts is prepared to assist you at every turn. Whether you’re a first-time buyer or considering refinancing, count on us to simplify the process, ensuring a smooth and stress-free experience from start to finish.