Limited Review Condo Approval

July 6th, 2021
condo building

A limited review condo approval means that when you get a mortgage to purchase a condominium you don’t have to go through the normal extensive document review to approve the condominium. You must have an approved condo to get a mortgage approved to buy a unit in the building. The approval review is more limited/abbreviated with a limited review condo approval. Read the rest of this entry »

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Latest Condo Rules

September 15th, 2016


**Condo underwriting guidelines can change at any time** Getting a condo loan has gotten a bit easier with some recent changes that Fannie Mae just made. The best thing you can do is make sure you know which loan rules to look at when buying a condo, and more importantly if you are selling one. If you know all the exact details of your condo and how it is run, then you will know if your buyers are eligible for Fannie Mae/Freddie Mac financing. If not, then you need to let prospective buyers know that they can look for something like a “portfolio loan” that may have more liberal rules than Fannie and Freddie. If your condo has major issues going on that will require a seller to find a cash buyer. Read the rest of this entry »

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10 Things Lenders Look For When You Buy A Condo

March 1st, 2012

Are you looking at the right things when buying a condo? Most people look at location, view, amenities, square footage, and level of finish inside the condo unit. But why get excited over a condo and put in an offer if the building is not able to be financed by a mortgage lender? Below is a list of some of the most important things that a lender will be looking for when analyzing a condo to approve a loan for a mortgage borrower. Read the rest of this entry »

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