Is My Condo Mortgage-Eligible?
Whether or not you can get a mortgage depends on your specific condo building and the type of home loan you hope to use. For example, your condo development will have to be on an approved list for you to get a mortgage backed by the Federal Housing Administration (an FHA loan). Luckily, HUD’s website has a lookup tool that lets you find out whether your condo is approved.
What if you want a conventional loan? In this case, your condominium complex will need to pass a ‘limited review’ process by which the mortgage lender determines it’s a safe investment. Fannie Mae — one of the two agencies that regulates these mortgages — provides a great resource for homebuyers: “Condo Buyer’s Guide — What you need to know when buying a condo.”
Award-Winning Area Schools:
- Malibu Elementary School
- The Muse School
- Wagon Wheel Preschool at Saint Aidan’s
- Our Lady Of Malibu
- Webster Elementary School
- The Cross Roads School
- The Brentwood School
- Malibu High School
- Harvard-Westlake School
Additional Resources:
Coldwell Banker is a real estate broker licensed by the State of California and abides by Equal Housing Opportunity laws. License Number 01866771. All material presented herein is intended for informational purposes only and is compiled from sources deemed reliable but has not been verified. Changes in price, condition, sale or withdrawal may be made without notice. No statement is made as to accuracy of any description. All measurements and square footage are approximate.