We are hearing it is becoming more difficult to get condos approved. Let’s take a look.
On conforming loans, there are two levels of review, a limited review and a full review. A limited review does not require as much documentation as a full review. For example, a full review requires an Association Budget and Balance Sheet where a limited review does not. Limited reviews have a better chance of getting approved. To qualify for a limited review, you need at least 10% down on a purchase of a primary residence (25% down for second homes and investment properties).
If you are applying for a FHA or VA loan, the condo will need to be on their approved lists. Here is the link for the FHA approved condo list: https://entp.hud.gov/idapp/html/condlook.cfm If the condo is not on this list, condos can be individually approved for FHA financing. Contact us for this process. Here is the link for the VA approved condo list: https://lgy.va.gov/lgyhub/condo-report
Even though you qualify for a loan, the condo still needs to be approved. We’re happy to help you on your condo purchase or refinance.
Counsel Mortgage Group®, LLC
Licensed in Arizona, California, Hawaii and Illinois
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480-502-1000
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