Condo Mortgage

Condo Mortgage

A condominium, or condo, is one of the most prevalent forms of residence, especially among working professionals in urban areas and young couples embracing the joy of first-time homeownership.

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How does Condo Financing work?

Condo financing is generally similar to funding a single-family home. Getting a condo mortgage requires extra steps in underwriting, and some loan programs have specific rules. The same type of loans obtainable by single-family homebuyers is available to condo buyers, including:

  • Conventional loans
  • FHA loans
  • VA loans
  • USDA loans (although there isn't as much condo housing stock in these markets)

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20% Down Payment
Perfect Credit
Interest Rates
Finding A House
30-Year Fixed-Rate Mortgages

20% Down Payment

Myth

You need 20% down to purchase a home.

Fact

This isn't true. If you take out a conventional loan, you can buy a home with as little as 3% down.

Perfect Credit

Myth

You must have perfect credit to qualify for a mortgage.

Fact

Credit plays a significant role in your ability to get a home loan. However, this doesn’t mean you need perfect credit to buy a home.

Interest Rates

Myth

Mortgage interest rates are the same no matter what lender you work with.

Fact

The truth is that rates can vary from lender to lender. So for your financial safety, you should shop around when looking for a mortgage loan.

Finding A House

Myth

Find a house, then worry about a mortgage.

Fact

This is terrible advice at any time, but in a hot seller’s market like today’s, believing this myth can lead you to miss out on a home altogether.

30-Year Fixed-Rate Mortgages

Myth

A 30-year fixed-rate mortgage is always the best choice

Fact

If you can afford higher payments, you can own your home outright in less time and for less money with a 15-year fixed-rate mortgage.

Qualifying for a Condo Mortgage

Qualifying for a condo mortgage hinges mainly on whether the condo meets the lender's policies and the buyer's financial situation.

The lowest credit score and income you'll need will differ by the type of mortgage. For example, an FHA loan's minimum credit score for a loan is 580. But with a VA, USDA, or conventional loan, you may require a score of 620 or better to get approved.

A condo presents a riskier loan to a lender than a traditional house. Some lenders may demand higher rates for a condo loan to compensate for that added risk. The better your credit score, the better your interest rate is for condo loans. You'll want to shop around with various lenders to understand how condo mortgage rates compare. This is where we come in. 

Why you should Finance your Condo

Condos have critical advantages over single-family homes, including lower price tags and fewer maintenance hassles. Condo loans are particularly designed to help potential home buyers facilitate the acquisition of condominium units. While they may come at higher interest rates (given added risk factors), they're also available in many familiar forms from the same lenders who may extend mortgage loans on single- or multifamily residences. Potential buyers in the market for a new condominium may wish to consider other similar home options, such as apartments. 

Stream Mortgage Group LLC

We bring a customized, unique approach to mortgages. Our lending solutions use the perfect hybrid of human-driven insights and technical prowess to process loans faster and significantly reduce costs.

PHONE

404.285.8501

fax

404.260.4398

E-MAIL

Randell.brown@streammortgagegroup.com

ADDRESS

3300 Benjamin E Mays Dr SW
Atlanta, GA 30311

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Disclosure:
The content provided within this website is presented for information purposes only. This is not a commitment to lend or extend credit. Information and/or dates are subject to change without notice. All loans are subject to credit approval. Other restrictions may apply. Mortgage loans may be arranged through third party providers.
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