Many borrowers have historically looked to FHA and VA loans for low down payment options along with some leeway for past credit issues. Underwriters are very concerned about the Financial stability of the condo project and the Home owner’s association that manages it. What most buyers do not understand is not only do you must have all the credentials to qualify for a home loan personally but the condo project itself must also undergo approval for mortgage lending. If you are interested in purchasing a condo in Florida and are considering applying for a mortgage, you should know that financing Condos can be difficult.
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