With the changes FHA made in the last year regarding financing condominiums’s, it’s been harder for buyers to purchase condominiums.
A PMI company has come out with 3% downpayment financing on condominiums- as long as the condominium is warrantable and the buyer is strong (cash reserves and debt to income ratio under 45%) and the property is being purchased as an owner occupied property.
For condominiums recorded as single family or attached townhomes-FHA financing is still available, but conventional financing might be a lower cost alternative for buyers with higher credit scores purchasing properties as an owner occupied property. I always compare FHA to conventional financing to see what is the lower cost alternative for buyers.
Don’t forget First Place Bank does Jumbo mortgage financing up to $1.2 million for single family owner occupied properties- purchase or refinance, 30 and 15 year fixed rates under 5% and 5/1 Adjustable rate under 4%.
I look forward to helping buyers achieve the American Dream of Homeownership!