CONDO FINANCING                     

    It is extremely inportant to work with a lender that specializes in condo financing as the project and buyer requirements change on almost a daily basis. In general terms, obtaining financing is a two-part process when compared to financing on single family homes. Like single family, the buyer of a condominium must meet certain criteria to be approved for a loan- downpayment required, acceptable credit, income-to-debt- ratios, etc. But the big discrepancy for condominiums is that the project itself must also be approved by the lender. The condominiums complex must meet certain requirements regarding number of units sold, percentage of investor-owned units, common element completion, etc. in order for the lender to lend money to purchase its units. It is emprative that your lender begin the approval process on the project as well as the buyer in the early stages of application. Non-approval process on the protect as well as the buyer in the early stages of application. Non-warrantable properties are typically not FHA approved and conventional loan programs are a better option. Knowing this information up front saves you and the loan officer time from the onset of the approval process. At Chartwell, we recommend the following lender:

    Financing a condominium involves many unique considerations and concerns that make it different from purchasing a single-family home.
Simply put, condo financing is different because you're purchasing living space in a portion of a building that's shared among other owners. This means that you share ownership of certain common areas and are typically subject to requirements set by the homeowners association. When applying for condo financing. the lending process can be affected by a numner of considerations:

• What percentage of the developer's overall project is completed
• The percentage of units already sold and occupied
• The percentage of investor-owned units
• Fannie Mae, FHA or VA approval of the project
• Whether it's a new construction or the conversion of an excisting building
• What type of condos the project involves: new, conversion, condotels,fractional use
• Requirements set by the homeowner association