At First Mortgage Corp, we have the experience with Condo Home Loans that you are looking for. We can finance your Denver Condo or provide Nationwide Condo Home Loans to meet your needs.
Condo Home Loans can be tricky- lenders are very conservative with condos because the owner doesn’t own the building, they only own the unit. In the eyes of the lender, this can pose problems from liability relating to the safety of the property, to value issues. In fact, condos have been the hardest hit real estate asset in the poor market we have been experiencing with values dropping sharply.
One of the first things a lender will look at with Condo Home Loans is if the condo is "warrantable." This means that the condo falls within guidelines set forth by either Fannie Mae, FHA, or VA, depending on what type of Condo Home Loans you are seeking. Generally speaking, a condo is warrantable if a high percentage of the units are owner-occupied (as opposed to investment properties), there is not a high concentration of one type of mortgage in the complex (FHA, for example), and on newer projects, that a certain percentage of the units are built out and also sold.
In today’s market, it is impossible to get Condo Home Loans on "non-warrantable" condos as banks are extremely wary of financing condos in such a complex. We can help you determine if your condo is warrantable or not.
Assuming your condo is warrantable, First Mortgage Corp has access to the variety of lenders you need in order to find the best possible deal. We have Condo Home Loans for a new home purchase, refinance, or even debt consolidation, all at extremely competitive rates. Check Today’s Rates
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