Are you thinking about buying a condo? Whether it’s your first home or an addition to your property portfolio, there are unique loan options tailored just for condos. Let’s simplify them for you:
- Standard Condo Loans: These are similar to regular home loans but designed for condos. When you pick this option, the lender primarily looks at the condo’s overall financial health, among other factors.
- Non-Warrantable Condo Loans: Sometimes, a condo might not meet certain standard requirements set by typical lenders. This could be due to reasons like a single person or entity owning multiple units in the same building. Don’t worry; this is where non-warrantable condo loans come in. They’re specialized loans designed just for such situations.
- Condotel Loans: Ever heard of condos that operate like hotels? That’s a condotel. These properties might offer services like housekeeping and have a front desk. Condotels are unique, and not all lenders are willing to finance them. But with a condotel loan, you can make your dream of owning one a reality.
Our team is here to guide you through each option and help you find the best fit for your needs. Get in touch, and let’s find the perfect loan for your condo purchase!