Advice Topics
- Buying (244)
- Selling (248)
- Renting (42)
- Market News & Trends (14)
- Finance & Legal Info (106)
- Tips & Advice (103)
- Working With an Agent (58)
- Marketing (5)
- Investing (18)
- Affordable Housing (24)
- Green Housing (4)
- Schools (2)
- Remodeling (42)
- International Real Estate (8)
- Terms & Definitions (28)
- Home Loans (19)
Top Contributors (View All)
Find a Top Real Estate Agent Near You
Is a loan for a condo different than a house loan?
Is a mortgage for a condo different than a mortgage for a house?
Asked By Cooper | Chicago, IL | 1174 views | Finance Legal Info | Updated 2 years ago
Answers (4)
Josephine & Raj Sharma
Legacy Homes Realty
The loan for a condominium (condo) can be different from a loan for a standalone house. While the basic principles of obtaining a mortgage loan are similar, there are certain nuances and considerations specific to each type of property. It’s important to work closely with a knowledgeable loan officer or mortgage broker who understands the nuances of both condo and house loans. They can help you navigate the intricacies of each type of loan, determine the best financing option for your needs, and guide you through the application process.
here is our blog post related to this topic: https://legacyhomesrealty.com/real-estate-blog/differences-between-condo-loans-and-house-loans-what-you-need-to-know/
here is our blog post related to this topic: https://legacyhomesrealty.com/real-estate-blog/differences-between-condo-loans-and-house-loans-what-you-need-to-know/
- 2 years ago
Helpful (1)
Unhelpful (0)
Amanda Courtney
REP Realty Group
Yes. Condos require extra HOA and building approval and can have stricter lending rules.
- 1 month ago
- Helpful (0)
- Unhelpful (0)
Are you ready to find a top agent near you?
Browse profiles of the highest ranked agents in your area and find one that meets your specific needs.
Chris Yochum
Dickson Realty
Getting a loan on a condo versus a single family home can be different in regards to specific info the lender will need on the property or the association. The mortgage itself is generally similar. Though some condo communities do not qualify for specific types of loans like FHA, VA, USDA.
- 2 years ago
- Helpful (0)
- Unhelpful (0)
Julianne Clark
Charter One Realty
Financing for condos is different than a single family home. Because you are buying from the walls in -- the Lender will need a greater amount of information about the condo association, regime fees, special assessment, any pending lawsuits and other condo documents. They will want to make sure that they have plenty of money coming in and set aside for future building repairs/claims, they are carrying adequate property/flood insurance for the building and of any future special assessments. It can sometimes take a little longer to close on the property and your lender may also require a larger $$ down towards the purchase. If you are considering a condo purchase -- verify with your lender that it is an option for your pre approval qualifications.
- 2 years ago
- Helpful (0)
- Unhelpful (0)
Related Questions
-
If I sell my home, will my boyfriend receive part of the sale?
I wanted some clarification before deciding to put my home on the market. My boyfriend and I purchased a home together several years ago. We split up so he signed a quitclaim deed but is obviously still on the loan. If I want to sell my home that I have been making payments on myself for the last 8 years. Does he need to sign anything and would he be entitled to any of the sale money?
- Asked by Eileen K.
- 1650 views
- Finance & Legal Info
- Updated 4 months ago
-
Can the new owner of the rental property I live in kick me out?
The rental property that I'm living in now was sold to a new owner. The new owner wants to kick me out, remodel the unit, and re-rent the unit for a higher price. Is that legal?
- Asked by Mario S.
- Los Angeles, CA
- 1698 views
- Finance & Legal Info
- Updated 3 years ago