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, via email at or 440.452.3894.

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


About lizschneider66

Mortgage consultant with over 19 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. I am Vice President of the North Coast Building Industry Association, Lorain County Association of Realtors, Working Women Connection and Womens Council of Realtors.
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