Condominium Loans

Condominiums are developments where the customer has title to a unit, and a shared interest in the land and common areas. The condominium unit typically includes a full kitchen. A Homeowners Association (HOA) manages the property and collects HOA dues, which typically are for insurance, property maintenance, and common expenses.

Mortgage Loans are readily available for Purchase and Refinance transactions, dependent on the specific details of the development. Features of loan programs for qualified projects include:

Minimum Down Programs: 0-Down, 5% Down, and 10% Down mortgages are available for most loan products, dependent on loan amount.

Flexible Underwriting: Acceptable documentation includes Stated Income and  No Income Verification programs.
           
Loan Types: Virtually every type of mortgage loan is available for qualified projects, including fixed rate, adjustable rate, interest-only, and pay-option loans.

Project Approval is on a case-by-case basis, dependent on a variety of factors, including the percentage of units sold, percentage of owner occupied vs. rental units, retail and commercial usage, and a variety of other factors specific to the property. The mortgage options for customers can vary with the approval of the project.

Mountain Mortgage Centers lead the industry in arranging financing in all types of project. Contact Us for specific information on any condominium project. Most likely we can give an immediate Pre-Approval opinion immediately.