What is a condominium?
A condominium is a multi-tenant complex that is managed by a Homeowners Association (HOA). The HOA typically ensures the community grounds and buildings are maintained while the owner of the condo is responsible for everything from "the studs" on in.
How is living in a condo different from a house?
The HOA charges a monthly fee that is used to maintain the property with services like lawn mowing, snow removal, and building maintenance. Condo owners are still responsible for everything within their home. If the furnace goes out, the HOA won't be able to help you!
Warrantable and Non-Warrantable Condos
A warrantable condo meets the conventional guidelines of government backed companies like Fannie Mae and Freddie Mac. Conventional loans are a great solution for warrantable condos.
A non-warrantable condo does not meet conventional guidelines. While this may offer additional challenges there's no need to worry! JPAL offers non-warrantable condo loans to help you purchase your dream home. Contact us today!
How do I know if my condo is warrantable or non-warrantable?
Your realtor or the condo's sales office should know the answer to this question so don't be afraid to ask. You can also search for FHA approved condos using the Department of Housing and Urban Development's search page.
Looking for a condo or vacation home in Florida? Looking for an investment property in Florida?
JPAL Mortgage is licensed to do business in Michigan and Florida. Contact us for financing vacation homes as well as short-term rental/Air BNB properties in Florida. JPAL has extensive experience with investment properties and rental financing.
Why choose JPAL Mortgage?
JPAL Mortgage has the mortgage financing experience you need to help design customized financing solutions for our customers. JPAL Mortgage works with many fantastic investors and realtors to offer loan programs that provide our borrowers with the best financing solutions possible.