We Are Condo Finance Experts!
Let us take a second look! You may be able to qualify!
Buying a condo is an exciting adventure, but it can sometimes feel like navigating a maze. At Choice Mortgage Group, we’re here to light the way! Whether you’re a first-time buyer or a seasoned investor, understanding the ins and outs of condo financing is crucial to making informed decisions.
Have you ever felt overwhelmed or frustrated with lenders who just didn’t seem to get it? That’s where we come in. Our team of condo financing experts are dedicated to turning potential roadblocks into stepping stones. We’re committed to providing you with all the information, options, and support you need to make your condo buying experience as smooth and enjoyable as possible.
Now, let’s dive into some key concepts that will help you navigate your condo financing journey with confidence. We’ll start by explaining what makes a condo warrantable and why it matters for your loan options.
Check out our Everything You Need to Know About Condo Financing Video for Tips on Buying and Selling Condos
What is a Warrantable Condo?
A warrantable condo meets specific lending guidelines set by Fannie Mae and Freddie Mac, ensuring the project is financially stable and compliant with regulations. This designation makes the condo eligible for conventional loans, which often offer lower interest rates and more flexible terms, providing a safer investment for both lenders and borrowers.
What is a Non-Warrantable Condo?
A non-warrantable condo project is one that doesn’t meet these guidelines.
Our goal is to always try and get your condo approved as warrantable, but occasionally issues arise (as outlined below) that remove the buildings warrantability. Should this happen, we still have a solution for you!
Navigating the Condo Buying Journey
Purchasing a condo can be an exciting step, but it often comes with its own set of challenges. Many buyers encounter frustration when their lender lacks the necessary expertise or fails to offer alternative solutions. This can lead to delays, increased stress, and even missed opportunities.
Why Choose Choice Mortgage Group?
At Choice Mortgage Group, we understand the intricacies of the condo buying process. Our dedicated team of condo experts are here to guide you every step of the way, ensuring a smooth and efficient approval process. Unlike other lenders, we:
- Have Specialized Knowledge: Our team is well-versed in the specific requirements and regulations for condo approvals, ensuring you receive accurate and timely advice.
- Offer Alternative Solutions: If your condo is deemed non-warrantable, we provide several non-warrantable loan options to keep your purchase on track.
- Provide Comprehensive Support: From gathering necessary documents to daily follow-ups with various parties, our Condo Department handles the heavy lifting, so you don’t have to.
The Condo Approval Process
Condo Approval is a separate and unique approval from approving you as an individual. The first step in your condo approval process involves our team ordering and requesting documentation from third parties. One of the biggest challenges we face are the many parties (Condo Association Board, Property Management Company, Property Manager, Insurance Agent for the Master Association) involved in gathering the information needed to assess the condo association.
Our Condo Department is tasked with following up daily to get all the documentation needed. The necessary documents that we request are the following:
- Condo Questionnaire – To be filled out by the Property Management Company- the answers can lead to many more questions and need for additional documentation.
Click here to view the Fannie Mae Condo Questionnaire.
- Master Insurance – Obtained from the commercial insurance agency for the Association. Occasionally there are multiple agents.
- Condo Budget and Financials – Obtained from Property Management Company.
- Meeting Minutes – We request last 12 months of Board Meetings Minutes. If unavailable or not recorded we may request additional documentation in its place