![]() Try searching the Fannie Mae database of approved condo developments to see. Some states, in fact, will have zero approved condo developments. Just don't be surprised to see many of them when you search. You can also search for condo developments in your state that are approved for conventional loans guaranteed by Fannie Mae or Freddie Mac. Military, or the surviving spouse of a veteran, to qualify for VA loans (or fall into one of a few other military related categories). You need to be a veteran or active member of the U.S. ![]() The challenge, of course, is that VA loans are of limited availability. Even in Florida, which has a low number of FHA-approved condo developments, buyers can find 2,350 projects approved for VA financing. In Illinois you could find 2,484, and in Texas you'd find 1,021. In California as of June 16 you could find 9,290 condo buildings approved for VA loans. It's easier to find condo developments approved for VA loans. "From my experience, conventional mortgage products are the most common." "Most condominium complex associations fail to pursue FHA/VA certification as the regulations and documentation process is onerous," Kelczewski said. Often, lenders will request higher down payments for these loans. Michael Kelczewski, a real estate agent with Brandywine Fine Properties in Centreville, Delaware, said that buyers might struggle to find condos in their states that are approved for FHA or VA loans, so they'll typically have to go with conventional mortgages, those not insured by a government agency. ![]() In Illinois, buyers can find 632 FHA-approved condo developments. Looking for an FHA-approved condo in New York? Your options were limited to just 84 as of June 16.īut in California, 2,056 condo developments have been approved for FHA financing as of June 16. In Arizona, only 145 condo buildings had earned this approval, and in New Jersey just 298. In Nevada, only 29 condo developments were approved for FHA financing. In Florida, for example, only 130 condo buildings were approved for FHA insurance as of June 16 of this year. You may find limited options in some states. You can search for FHA-approved condos by state and county on the link shown. So depending on where you are looking to buy your condo, your down payment options might be even more limited. Some areas of the country feature a smaller number of condos approved by either Fannie Mae and Freddie Mac or the Department of Veterans Affairs or Federal Housing Administration. Down payment options fewer in some parts of the country But if the condo unit you want to buy is a home not approved for FHA or VA financing, you won’t be able to take advantage of the low-down-payment options these loan types offer. VA loans don’t require any down payments at all. FHA loans, for instance, require down payments as low as 3.5 percent of a home’s final purchase price. This could limit your down payment options. Others might not be approved for loans guaranteed by Fannie Mae or Freddie Mac. Department of Veterans Affairs, better known as FHA or VA loans. What is different, though, is that many condo developments across the country might not qualify for mortgage types insured by the Federal Housing Administration or U.S. In theory, down payment requirements for a condo should be similar to those for a single-family home. The long answer, though, is more complicated. The short answer is 3 percent to 20 percent of your unit’s purchase price, with 10 percent being common for those buyers who must rely on conventional loans to finance their units. How large of a down payment will you need for a mortgage on a condominium? ICB Solutions | NMLS #491986 ( Close Modal Mortgage products are not offered directly on the website and if you are connected to a lender through, specific terms and conditions from that lender will apply. will not charge, seek or accept fees of any kind from you. By submitting your information you agree Mortgage Research Center can provide your information to one of these companies, who will then contact you. For a full list of these companies click here. If you submit your information on this site, one or more of these companies will contact you with additional information regarding your request. ICB Solutions and Mortgage Research Center receive compensation for providing marketing services to a select group of companies involved in helping consumers find, buy or refinance homes. Neither, Mortgage Research Center nor ICB Solutions are endorsed by, sponsored by or affiliated with any government agency. ICB Solutions partners with a private company, Mortgage Research Center, LLC, (nmls # 1907), that provides mortgage information and connects homebuyers with lenders. is a product of ICB Solutions, a division of Neighbors Bank.
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