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Answers (4)
- Tawny Lynn, "tawnylynn"
- Contributions:211
There are townhome style condos and there are single family townhomes. Since your home is a single family townhome and not a condo the appraiser can not appraise it as a condo. The appraiser will use similar single family townhome sales to compare with your property. This may help you get your single family home pricing. However, some lenders do have price adjustments for a PUD (Planned Unit Development) A townhome with HOA dues would fall into this category. There are many lenders that do not increase the price if the property is a single family townhome/PUD. You may want to shop around.
- tiger3599
- Contributions:50
it seems like she listed it as "TOWN" and therefore it falls into the Condo category? Could it have something to do with how my homeowners is structured?
Just trying to figure this out and if i can shop a rate that won't be penalized as if i have a condo. Thanks.
Just trying to figure this out and if i can shop a rate that won't be penalized as if i have a condo. Thanks.
- tiger3599
- Contributions:50
my lender in my paperwork/application has it as a "TOWN," and mentioned that bank of America (i'm refinancing through a whole sale lender) who she talked with offered 5/1 ARM at 4.50 last week. She said it's like .50-.75 from their best because condos are more risky.
My credit score is 800.
That's some more information regarding my situation. Could my appraisal been catergorized under CONDO? Shouldn't she be able to shop my rate under the "Single Family Home" Category?
Thanks,
Brett
My credit score is 800.
That's some more information regarding my situation. Could my appraisal been catergorized under CONDO? Shouldn't she be able to shop my rate under the "Single Family Home" Category?
Thanks,
Brett
- Tawny Lynn, "tawnylynn"
- Contributions:211
Lenders do not recognize a separate category for townhome. Your property would be considered a single family home since it is not a condo. Some lenders do consider a PUD (Planned Unit Development) to be a little more risk but most do not.
Listed as Single Family Home vs Townhome
This might allow me to not incur the rate hits of it falling under the condo category. Theforefore, allowing me to get a better rate.
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