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Re: Condo verses single family house
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Posted by Larry West [Email] (#1140) [Profile/Gallery] (more from Larry West) on Mon, 2 Dec 2013 10:19:40 Share Post by Email
In Reply to: Condo verses single family house, No Snaab, Sun, 1 Dec 2013 15:24:08
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I recently attended a real estate class at my local county college. They never mentioned higher down payments for condos, nor that they would not be eligible for certain loans (FHA/VA, etc.) but there were some interesting differences:

1) After the bank approves you for a loan for a condo, there is still an application (and fee to go with it!) to the condo association to live there. So the bank may approve you, but the condo association may not.
2) The bank's approval and/or the rate you get will be impacted by the ratio of owner-occupied units in the condo vs rented units. The more owner-occupied, the better (cheaper rate). Also, the bank may not be too keen if you plan to rent it out.
3) As if you didn't already have to bring enough money to closing, the condo association will be looking for some advance payment of the condo fee. Two-three months at least, maybe more.
4) Insurance is a little different, because you have common areas and private areas. The Condo insurance is called HO-6. Also, the association will have a master policy (part of your monthly fee) covering common areas.
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