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Are 30-year fixed rates higher, lower, or the same for single-family vs. condo, and why (if diff.)?

  • March 12 2009 - US
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Answers (5)

Mortgage insurance is also dissappearing for condos.

  • March 12 2009
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Yes, Joe is correct.

There are adjustments due to risk on condo loans over 75% on conventional loans. 

However, there are no adjustments on FHA or VA loans.  Maybe, you should look at FHA as an alternative.
  • March 12 2009
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dmshops,

30-year fixed rates are the same; however, the actual costs to obtain the same rate for a home that is a condo are higher than for a single-family home. Often times, these higher costs associated with the subject property being defined as a condo are absorbed by the client willing to accept a higher rate.

Speak with your mortgage professional to determine which options suits you best. James
  • March 12 2009
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You are completely wrong on that MR1. 

DM.  You will see higher rates on condos if you LTV is over 75%.  Also all multi-family (2-4) units will have higher rates regarless of LTV.
  • March 12 2009
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see rate changes if u have three or four family home.however if u have a single family or a condo there is no diff.

  • March 12 2009
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