New mortgage policies will make it easier to buy a condo
Wondering if a condominium might be a smart choice for you or your family? They are an attractive option if you are looking to live in a downtown area, or maybe you are looking to buy your first property and are seeking a manageable space and price point. They are also perfect for downsizing to a property where you won’t need to mow the lawn or worry about a leaky roof.
There are a multitude of reasons buyers are drawn to condominiums. First and foremost, there is less maintenance and less space to manage. Often condos are based in busy city or town centers offering easy access to restaurants, shops and public transportation. They also offer security due to building technology and in some cases security staff. Affordability is also a major benefit - condos tend to be significantly less expensive than single family homes.
New mortgage policies
If you have considered buying a condominium in the past or if you are a first time home buyer concerned about coming up with a large down payment, now is a great time to take a closer look based on the new mortgage and FHA policies. These rules impact the amount that a buyer has to put down at closing. Until now, condos were not eligible for the 3.5% down payments that were available for single family homes. Realtor.com reports, “The new rules, which are expected to extend eligibility to 20,000 to 60,000 additional condo units, go into effect on Oct. 15. “
Call us or register online today to begin your search for your perfect condo.