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Is it true that it is harder to finance a condo rather than a single house?

I am interested in buying a condo in SF bay area. I read some articles online about new regulations make condo buyers find it harder to finance the condos .Please read this article I have friends that were interested in buying a condo in South San Francisco; however, they ended up buying a single home since they had a hard time in financing the condo....

I have quite good FICO score (761) and I received the gift funds recently (which would allows me to pay at least 40% as down payment). I haven't apply for pre-approval yet but will do very soon. Does it even make sense for me to get a pre approval before I know whether or not the condo communities will satisfy the new regulations?? Are there any places where I can find out delinquency rate of HOA of condo communities around the bay area?
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January 24 2011 - San Mateo
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You can get condo information from the HOA itself it the property management company that manages the HOA.... With 40% down you shouldnt have any problem getting a conventional loan..... where condoms can get tricky is with FHA loans, ad the condo complex must be certified by the FHA
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January 24 2011
It looks like that you are not going to have a problem getting a loan since you have 40% down payment and good FICO score.  The problem usually is with an FHA loan requiring the complex to be FHA approved.  You are good buying a condo.
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January 24 2011
First of all the answer is yes it can be harder.  Many hurdles will be avoided with 40% down but most local Realtor's and local mortgage lenders will know which complex's to avoid off the top of their head.  The lender will research to make sure but usually a call (like David said) will be sufficient.  The HOA association will know if loans are getting done in their complex or not.

I am not from SF area so take my advice with a grain of salt but I always suggest if you go with an established complex say 7 years or older you are usually ok.
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January 24 2011
See the thread below posted right after yours. They are saying over 60% of the total units are investment properties which is considered to be a non warrantable condo as far as Fannie Mae and Freddie Mac are concerned. I suspect the best condo deals you will come across will be non warrantable because only buyers with large down payments ( and a portfolio loan with a higher interest rate) or cash can buy them. 


http://www.zillow.com/advice-thread/Refinancing-Loan-Needed-on-a-Rental-Condo-n-Calif-that-is-Unwarrantable/382437/
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January 24 2011
you or your lender can check HUD approved condos for FHA financing on www.hud.gov or you can also shop for a HUD owned condo @ homepath.com.
 
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January 24 2011
 
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