Condominium Financing

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%.

For more information or a NO COST mortgage preapproval- go to www.firstplacebank.com/lizschneider, via email at lschneider@fpfc.net or 440.452.3894.

I look forward to helping buyers achieve the American Dream of Homeownership!

Advertisements

About lizschneider66

Mortgage consultant with over 18 years experience. First time buyers, move up buyers, construction, FHA/VA, Jumbo loans, investment property purchases, & refinances- I will find the solution to financing the American dream of homeownership! Subscribe to my blog and never miss any mortgage industry news.
This entry was posted in Uncategorized and tagged , , , , , , , , , , . Bookmark the permalink.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s