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With almost every new condo development, the builders pre-arrange purchase financing with at least 1 if not 2 lenders. Should that be the case, which it probably is, your path of least resistance will almost certainly to contact the lender that the builder has made arrangements with. I would still recommend that you compare the rate you are offered with several other lenders to make sure you are getting a sound deal. As long as the quote you receive from the lender is in line, closing with the prearranged lender will eliminate any approval or talk about the particulars of the condo project itself.
All good advice, but you mentioned that this is a new condo project. I would recommend checking to see how many units are already sold and occupied. Also check on how many are owner occupied and get a copy of the projects financials if possible. Some condo projects with few sold units can be difficult to finance at attractive terms. Giving this information to your lender upfront can save you a lot of time.
Does the project have preferred lenders such as Wells, Suntrust, etc ?
Click this link below and you can see if the condo project is fha approved. https://entp.hud.gov/idapp/html/condlook.cfmIF the condo project is approved you will be able to go in with less down payment money. If the project isn't approved you should talk to the sales agent and see why the project isn't fha approved. Having the project fha approved is a huge benefit to the homeowners. When you go to sell borrowers can put less money down. FHA loans are also assumable by the new buyer when you go to sell provided that they have down payments and decent credit and can verify income. So if you close at 4.75 on a 30 yr fixed and you go to sell in 3 yrs and the going rates are 6% your buyer can assume your 4.75% rate.
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