Condo Financing Solutions
Condo loans in North Carolina & South Carolina – (910) 256-8999
Condo financing can sometimes be a little more complicated than financing the purchase of a typical detached house. For that reason, it’s important to work with a mortgage lender who is experienced and knowledgeable. We’ve been helping our borrowers in the Carolinas secure low rates on condo loans for many years—and we have a wide variety of loan products that are available to condo buyers, including low money down FHA options.
When it comes to getting approved for a condo loan, there are a few extra factors that your loan officer and underwriter have to consider. For instance, condo loans have to take into account things like the homeowners association (HOA), how many other owners there are in the development, how many renters are in the development, how many owners are behind on their mortgage and/or HOA payments, etc. These additional factors make condo financing a bit more complex than your average single-family home loan.
Why do lenders need to know all this extra information for condo loans? Because when it comes to condo financing, lenders don’t want to just make sure the borrower is financially secure—they want to make sure the condo development is financially secure as well. Since the financial wellbeing of the condo development depends on other owners paying their mortgages and dues, lenders want to make sure the investment is worth any potential risk.
Ready to learn more about condo loans from Alpha Mortgage Corporation? Call us today to ask about the details and options: (910) 256-8999.
Condo Financing Highlights
- Can be used to finance the purchase of a new condominium or refinance an existing condo loan.
- Available in a variety of loan products, including conventional mortgages and government-backed options like FHA, VA and USDA loans.
- Available in a variety of terms, including 30 and 15 year fixed rate options.
- Jumbo options available for condos priced above conforming limits.
Call us today at (910) 256-8999 for a free quote.