Conventional Condo Home Loan

Conventional Condo GuidelinesConventional condo financing requires that the condo itself be deemed eligible for Conventional mortgage.  There are 2 types of condo reviews a mortgage lender can perform relative to Conventional financing.

I.  Limited Condo Review (preferred)
II. Full Condo Review

The type of condo review that your mortgage lender completes to determine Conventional condo mortgage eligibility is based upon three factors:

1.  Occupancy Type
2. Down Payment
3. Completion Status of the condo project

When is a Limited Review is an option and how does it differ from a Full Review?

I. Limited Condo Review (preferred)

A Limited Condo Review is simple however, it is not always an option.

When Does a Condo Qualify for a Limited Condo Review?
Contact The HOUSE Team for more information.

3 Benefits of a Limited Review:
1.  Percentage of rental condos (“investor concentration”) in the project does not matter
2. The percentage of delinquent HOA dues does not matter
3. The percentage of HOA revenue allocated to reserves does not matter

Documents Required for a Limited Condo Review
1. Completed appraisal
2. Copy of the HOA’s master insurance (“Blanket”) policy
*approximate cost #2: $100 to $500 paid by buyer

II. Full Condo Review

When is a Condo Subject to a Full Condo Review?
Contact The HOUSE Team for more information.

Documents Required from for a Full Review
1. Completed condo questionnaire
2. Copy of the HOA’s master insurance policy (Blanket Policy)
3. Copy of the HOA’s complete budget
*approximate cost for these documents: $100 to $500 paid by buyer
*additional documents may be required

The HOUSE Team Speaks “Condo”

The HOUSE Team is experienced and knowledgeable when it comes to financing a condo.  Mortgage rules and the loan process differ when it comes to successfully closing a mortgage on a condo on time without any costly surprises.  If you need an expert condo lender on your team, contact us today.

Team Phone:  602.435.2149
Team Email:  Team@JeremyHouse.com

Condo Links:
FHA Condo Rules
VA Condo Rules
Condo Resource Home Page