Are there any special requirements for loans on condominiums?
For a loan on a condominium, it is necessary that the common areas of the project, or at least the phase that your unit is located in, are complete. In the event all common areas are not yet complete, your builder will have a program to finance your purchase. Their rates will probably not be as low as ours so keep your closing costs to a minimum and you can refinance through us once the common areas are complete.
You will also have to collect items from the HOA for our formal HOA Review. These items include: Master Insurance Policy (exterior coverage) & H06 Interior Insurance Policy (interior coverage), Empire’s HOA Questionnaire (we provide this form), Current Budget & HOA Monthly Dues Statement. Each transaction is different, for a lot of transactions we only need your Insurance Policies & HOA Monthly Dues Statement.
- How long does it take for the appraisal to be completed?
- What is an appraisal and who completes it?
- What is the cost of the appraisal and how is it collected?
- If my property’s appraised value is more than the purchase price can I use the difference towards my down payment?
- If my property’s appraised value is more than the purchase price can I use the difference towards my down payment?
- Will you lend on homes that require repairs?
- Can you use an appraisal I already have?
- Will I need an appraisal to get a mortgage?
- When do you require flood insurance on a property?
- Do you provide financing for mobile homes?
- Do you provide financing for lots or large tracts of land?