Condo Mortgage Loan

Your Mortgage Guy Condo SeriesIf you’re interested in getting a condo, we can help. You can get a preapproval online through Rocket Mortgage by Quicken Loans . If you’d rather get started over the phone, you can give us a call at (800) 785-4788.

Get approved for mortgage financing on a condo, warrantable and non- warrantable, or a condotel. Find out if your condo unit is FNMA or FHA approved.

The rules for financing a condo can vary greatly between the type of mortgage selected (government-backed, conventional or specialty loans), if the condo project qualifies for financing, and the available options from lender to lender can also be different. Gateway Mortgage is here to help you find the right loan.

Use SmartAsset's free mortgage loan calculator to find out your monthly payments.. property taxes, annual homeowners insurance and monthly HOA or condo.

Also called a variable-rate mortgage, an adjustable-rate mortgage has an interest rate that may change periodically during the life of the loan in accordance with changes in an index such as the U.S. Prime Rate or the London Interbank Offered Rate (LIBOR). Bank of America ARMs use LIBOR as the basis for ARM interest rate adjustments.

A non-warrantable condo is a condominium property in which the loan is not eligible to be sold to Freddie Mac or Fannie Mae, and as such, mortgage financing for this type of property is considered by most banks to be more "risky."

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An FHA mortgage is a government-backed home loan with more flexible lending requirements than those for conventional loans. Because of this, interest rates for FHA mortgages may be somewhat higher, and the buyer may need to pay monthly mortgage insurance premiums along with their monthly loan payments. FHA loans are.

If you are financing in Florida and the condo is ineligible for a Full Review Approval, but you want or need to make a small down-payment for a purchase or have limited equity for a refinance loan, consult with a Foundation Mortgage Banker to consider splitting up the financing into a 1 st and 2 nd mortgage.

Mortgage Loan Investors There are generally three types of rehab loans: hard money rehab loans, permanent rehab mortgages, and investor lines of credit. Short-term investors use hard money rehab loans to purchase a property quickly, renovate, and sell it. Long-term investors use these loans to rehab and season properties before refinancing.

Use our free mortgage calculator to quickly estimate what your new home will cost. Includes taxes, insurance, PMI and the latest mortgage rates.

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