By Marcie Geffner - NewHomeSource.com
Condominiums can be an excellent housing choice for people who want to buy an affordable home with less individual responsibility for maintenance, repairs and landscaping.
Buyers who have their heart set on a newly built condo need to be aware of a few necessary to get a mortgage to buy it.
The mortgage qualifications for the borrower — down payment, credit score and so on — are “almost identical between a condominium and single-family house,” says Jason Will, vice president, national condominium manager for Wells Fargo Mortgage.
What’s different is that not only the borrower, but also the condominium project itself must receive certain approvals before the lender can approve the borrower’s loan.