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Important Basics for Condo Buyers

By adding some basic steps to the Condo process, you can save a lot of time and money.

Here are the basics…

• Each condominium complex must be approved with each sale. This means that even if there were closed sales in the complex last month – the unit/complex must still be approved for a new sale.  A condo questionnaire needs to be completed for each new loan to be approved. This form should be completed by the Homeowners Association or their management company. If one little question does not meet the required, then your unit/complex may not qualify for financing at all.
• Depending on a new buyers’ down payment, the lender may require additional condo docs for approval (Master Deed, By-Laws, Budget, Balance Sheet, Liability Policy) per Fannie Mae and Freddie Mac guidelines.  Just know that this is regardless of a buyer’s credit score, savings, or down payment. 
•  In addition if you are opting for FHA financing, the complex must be on the current HUD approved condo list. Check the FHA Approved Condos list here and search for the complex.  However, even though a complex is currently FHA approved, FHA still requires the condo questionnaire to be completed for a buyer’s loan to be approved.

ScottsTeam@nwmortgagegroup.com

NMLS - Individual #130117   Branch #40562  Oregon #ML-797

We lend in the following states: Oregon

Not all applicants will qualify.  All opinions expressed by Scott Oliver, on his web site, are Scott's opinions and do not reflect the opinions of Northwest Mortgage Group, Inc. You should not treat any opinion expressed by Scott as a specific inducement to take a particular mortgage or follow a particular strategy, but only as an expression of his opinion. You must make an independent decision regarding mortgages or strategies mentioned on his website. Before acting on information on this web site, you should consider whether it is suitable for your particular circumstances and strongly consider seeking advice from your own financial counselor.

The NMLS Consumer website is a free service for consumers to confirm that the mortgage company or mortgage professional with whom they wish to conduct business is licensed in their state.