Do Condo Fees And HOA Fees Affect How Much I Qualify For?
When pre-qualifying someone for a condo mortgage a loan officer will have to make some assumptions since the potential home buyer does not have a ratified contract on a particular condominium. In those assumptions would be an estimate of what the monthly condominium association fees would be. I personally use $1.00 per thousand of the sales price when I am working up my numbers when prequalifying someone. Read More