What You Need to Know About Obtaining a Condo Loan

There are loads of great Houston condos available, but obtaining the loan to buy one can be a deal breaker for many prospective homebuyers. In actuality, buying one of the many Houston condos for sale might be decidedly more challenging than purchasing a house. Find out more details about condos via http://www.oneparkcondosnj.com/en/why-one-park-will-be-a-leading-fort-lee-condominium-com.

What You Need to Know About Obtaining a Condo Loan

Houston condos for sale are accessible and diverse, yet many homebuyers are finding it difficult to secure funding. The nationwide housing decrease and credit crisis have left many prospective homebuyers struggling to buy Houston condos available.

But if you're searching for Houston condos available, it's still possible to secure competitive financing from a lender. Here's what you need to know if you are interested in buying Houston condos for sale:

• Points, points, points – Even in the event that you've got a gleaming credit rating, expect to pay points on your loan. In reality, it is fairly common to cover a three-quarter-point fee. To put it differently, for every $100,000 you spend, you can expect to pay a $750 fee.

• New construction concerns – Many lenders won't take on loans in buildings where residents are behind on their monthly HOA dues. In the case of new construction, most lenders won't approve you for a loan unless at least 70 percent of the units are presold.

• Instantly selling units – You might have the ability to avert the 70-percent rule if you're looking to get a condo in a building that's experiencing brisk sales. If components in a building are selling faster than average, you might still be able to swing a condominium loan, even if 70 percent of the units haven't sold.

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