In today’s market, most condos do not qualify for regular Conventional or Government financing. To find out if the condo you want to buy qualifies for FHA, visit the HUD website. Enter the State and County, and under Status select Approved. If you are looking to do a VA loan, go to the VA website and do the search.
If the condo is not on the HUD site, it will not likely be approved for a Conventional loan without a limited review approval. Check the Fannie Mae Approved Project List website.
How do you get a limited review approval? Unless the project is a non-warrantable condo, you put 25% down and that’s it.
To calculate your monthly mortgage payment and cash you will need, use our Loan Estimate tool. Enter the price, taxes and hoa fees, and select the Conventional loan type. Select Include Escrows and Second Mortgage checkboxes.
For more information please contact Bluecastle Lending at 954-866-0000 or info@bluecastlelending.com. Bluecastle Lending is an Equal Housing Lender.