What to Know About Condo Financing
Condominiums—commonly known as condos—are a great option for homebuyers looking for less maintenance, urban settings, and community amenities. But the differences between condos and single-family homes bring more complexity to the condo financing process in Corpus Christi, TX.
Condos are privately-owned units within a building where residents have ownership of their interior space and share ownership of common areas and exterior space (i.e., pool, roof, landscaping). Condo buildings are typically managed by a homeowner’s association (HOA). Upkeep of the common areas can be funded through monthly HOA fees, which are on top of a resident’s mortgage payment.
The condo financing process considers several more factors than the process for single-family home loans. Down payment minimums and interest rates may be higher for condo loans too. With a condo loan, lenders will not only look at the buyer’s financial history, but they will need to evaluate the condo’s community health and finances as well.
Several types of loans have requirements that condo associations must meet for a lender to be able to provide financing—requirements which deem the condo “warrantable.” If a condo property doesn’t follow specified guidelines, lenders—including Supreme Lending—can offer condo financing options for non-warrantable properties too.
The condo financing process can be time-consuming and complex. That’s why Supreme has an in-house team dedicated to gathering and processing the required documents for condo loans quickly and efficiently to speed up the process.
Are you looking to finance a condo now or in the future? Contact the Supreme Lending Pitarra Region to get started. Sign up to get pre-qualified or contact us at (361) 452-1222.