Condominium Loans
Condos can be ideal for young professionals and families just starting their homeownership journey, as well as empty nesters who are ready to downsize. Regardless of age, the benefits of condos may be worth exploring for a buyer.
Often, there is less competition for a condo than there is for a single-family house, making these dwellings more attractive to those who don’t want to deal with a massive bidding war.
As seen in:
Top military lender
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5-Star Lender
MPA
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CALHFA
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TOP 100 MORTGAGE COMPANIES
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TOP 250 LATINO MORTGAGE ORIGINATORS
NAHREP
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NMP
TOP MORTGAGE LENDER
Scotsman Guide
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NMP
TOP 15 VA LENDER
Scotsman Guide
Product highlights
- Up to 97% LTV
- Minimum 580 credit score
- No mortgage insurance required on select programs
- Purchase, rate & term, and cash-out refinance available
- Primary, second home, and investment properties eligible
- Non-warrantable condos can be allowed on an exception basis
- Flexible occupancy options
- No prepayment penalty
Borrower advantages
- Condos often come with community shared amenities
- It is possible to buy a condo in an unapproved complex if it qualifies for a spot approval
- Condos tend to have less cost for maintenance and can even have lower costs for insurance if the HOA covers the exterior
Realtor advantages
- Ability to list and sell nonwarrantable condos
- Loan Officers have access to specialists with specific condo expertise to help agents with their transactions
Loan Programs
Loan Programs
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- Competitive rates
- Expert support
- Easy process