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Conventional Loan | Living the Florida Lifestyle Blog

Tuesday, August 25, 2020   /   by Kelly Bruno

Types of Financing to Consider When Buying a Condo

Typical ways to purchase real estate include Conventional loans, FHA loans, VA loans and cash. But not all condos are created equal; some of these are not an option with the exception of cash. 

Some condos can only be bought with cash. This can happen for a number of reasons: 

The condo does not carry the right insurance that a lender requires
The ratio of renters to onsite owners is too high 
The condo is involved in a litigation of some sort, among other things 

The majority of condos are purchased with a conventional loan. The required amount of a down payment can range from 10% up to 25% (there are even a few lenders that will accept 5% down). This amount will depend on the lender and how the Buyer intends to use the property. In addition, you must factor in  whether or not the association is “warrantable”, meaning a complex must be in good shape – both physically and fiscally. 

FHA loans offer low down payments and more ...

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