Profile picture for 32829

Mortgage for town home or condo?


Like to purchase a town home or condo around $50k but finding very difficult to find a bank and secure the loan . Please let me know if you have any bank that will do those type of property?

Thank you and best regards
  • November 09 2011 - Orlando
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Answers (4)

Profile picture for angelil
Hello,

I am affiliated with a lender that has a $40k loan amount minimum.  For a condo you will be most likely looking for min 20% down.  You will have more options if the property is a T/H and setup as a SFH.  Good luck to you in your property/financing search!

Thanks,
  • November 09 2011
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Well put.  Condos are usually much more challenging to get approval than Townhouses
  • November 09 2011
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Profile picture for 32829
Thank you very much for taking the time to answer my question.
Best regards 
  • November 09 2011
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The term condominium is a form of ownership, the term townhouse is a style of construction. You may be looking at a "townhouse" only to find the zoning is condominium, especially in Florida. If you find a townhouse design that has a legal description of an attached SFR, Fee Simple, then you will not have any financing issues other then the usual qualifying guidelines for credit, down payment, etc. Ask for the legal description when you find something you like, if it has the word condominium in the description then know financing may be much more limited depending on the details of the project.   
  • November 09 2011
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