If you want to get a loan when you are buying a condo there are a few things that determine if your condo qualifies.
To qualify as a condo complex with Conventional Loans (ask for complexes that are FHA approved as less than 20% nationwide are approved for FHA) here are some of the general guidelines from the government who backs the loans:
- Must be 51% owner occupied (primary or second homes) This may go lower if the reserves are high enough
- No more than 15% of the complex can be past due on HOA dues
- No one owner can own more than 10% of the complex
- No daily, weekly or monthly rentals
- The HOA must meet the reserve requirements and budget review
- The HOA must pass insurance review
Every complex may have unique circumstances so it is important to review this with your lender as other guidelines may apply.
Call us for more details! 928-846-6044