A Mortgage of Condominium Unit is a loan for the purchase of a condominium unit. It is secured by the unit and is typically a long-term loan. The borrower agrees to make regular payments to the lender for the principal amount of the loan, as well as the interest due on the loan's balance. Types of Mortgage of Condominium Unit include fixed-rate mortgages, adjustable-rate mortgages, interest-only mortgages, and FHA mortgages. Fixed-rate mortgages have a fixed interest rate for the duration of the loan and usually require a down payment. Adjustable-rate mortgages have an adjustable interest rate that can increase or decrease over time and usually require a down payment. Interest-only mortgages require only the interest on the loan to be paid monthly, with the principal due at the end of the loan term. FHA mortgages are government-backed loans that have more flexible requirements and require a lower down payment.
Mortgage of Condominium Unit
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FAQ
Condo mortgages tend to have slightly higher interest rates compared to a loan for a single-family home, because lenders need to compensate for the additional risk of financing property in an association.
Half of the 5 million existing condo or co-op units were built within the past 30 years. Not all condos and co-ops are owner occupied; approximately one-quarter of them are rented. Although most are located in the South, the West and Northeast have proportionately more condos and co-ops.
Condo mortgages tend to have slightly higher interest rates compared to a loan for a single-family home, because lenders need to compensate for the additional risk of financing property in an association.
A condominium (also known as a condo) is a privately-owned home within a multi-unit development. Each owner has a shared interest in the common areas of the building?such as elevators, garages, gyms, etc. ?which are typically maintained through monthly homeowners association (HOA) fees.
Getting a mortgage for a condo is generally harder than getting a mortgage for a house. A condo unit is part of a multi-unit development, so the borrower's finances are intertwined with others ? and lenders see this type of home as a riskier investment.
While condos represent about 8-10% of the mortgage market, they play a larger role in many larger urban areas. Condos also present unique risks, as condo owners share financial responsibility for the operation and maintenance of the common areas and shared amenities.
Fannie Mae requires that no more than 35% of a condo or co-op project or 35% of the building in which the project is located be commercial space or allocated to mixed-use.