Are there any special requirements for condominiums?

Since the value and marketability of condominium properties is dependent on items that do not apply to single-family homes, there are some additional steps which must be taken to determine if condominiums meet our guidelines.

One of the most important factors is determining if the project the condominium is located in is complete. In many cases, it will be necessary for the project, or at least the phase your unit is located in, to be complete before we can provide financing. The main reason for this is, until the project is complete, we cannot be certain the remaining units will be of the same quality as the existing units. This could affect the marketability of your home.

In addition, we will consider the ratio of non-owner occupied units to owner-occupied units. This could also affect future marketability since many people would prefer to live in a project which is occupied by owners rather than renters.

We will also carefully review the appraisal to insure it includes comparable sales of properties within the project, as well as some from outside the project. Our experience has found using comparable sales from both the same project as well as other projects gives us a better idea of the condominium project's marketability.

Depending on the percentage of the property's value you would like to finance, other items may also need to be reviewed.