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Does it really make a difference for approval and rate for a condo vs a home?

by gtaylor140 from Mount Croghan, South Carolina. 5 days ago Reply

Bert Carpenter (BertCarpenter)
#1 ranked lender in Arizona - 2,005 contributions

Yes, there are differences. First. Fannie and Freddie hit you with a discount fee for Condos that do not get assessed on Single Family homes. Second, HOA fees are generally higher, sometimes significantly higher, resulting in a larger payment on the same size loan which equates to lesser purchasing power, and third, not all Condo projects will qualify for traditional financing. Finally, in most markets, price appreciation lags that of comparably sized homes, meaning your equity will grow slower in a condo than in a SFR. ~ Bert Carpenter, The LoansA2z Team of NEXA Mortgage ~ NMLS 40586 ~ Licensed in Arizona, California, Georgia, Oregon, and Washington. Need help in other states? We've got you covered. NEXA Mortgage is licensed in 46 states ~ 480-889-9000.

5 days ago
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