Condo Financing

Condominium financing requires more steps and documentation in comparison to single family residence. The reason for this is because of the very nature of the condo itself where all involved parties own the property, building and common areas. In addition to the standard documentation and requirements, the following additional documents need to be obtained:

For owner occupied/primary residence:

Condo Certification (please find the form locate in our form Manu)
Master Insurance (with Fidelity Bond and/or Dishonest Insurance)
Budget

For investment property:

Condo Certification (please find the form locate in our form Manu)
Master Insurance (with Fidelity Bond and/or Dishonest Insurance)
Budget
CC & R
By laws
Article of Incorporation


All condominium properties need to fulfill the following requirements:

1. There can be no litigations against the HOA

2. There must be less than a 15% delinquency rate on HOA fees.

3. There must be less than 50% Non Owner Occupied units

4. 10% of annual budget needs to be set aside for maintenance and repairs

5. The fidelity bond needs to cover the reserves at its all time high.



California Mortgage Rates


Latest Mortgage Articles

March 24, 2015

Remodeling Projects: Evaluating Cost vs. Value

Remodeling Projects Evaluating Cost vs Value Home renovations can be tricky You want to improve your space and the way...

February 24, 2015

Getting Ready to Sell Your House Checklist

Zip Through This Getting-Ready-to-Sell-Your-House Checklist If you're thinking of selling your house now is the time to get serious about...

February 10, 2015

How to Save Money

How to Save Money Without Really Trying Some of us don't reach our savings goals because the measures we have...

More Mortgage Articles