Condo Loans

Finding the perfect condominium can be challenging – and trying to find a lender to finance your condo can be even harder.
At Waterstone Mortgage, we understand the challenges that face condo buyers and sellers. We offer a variety of loan options to meet your needs and can help you get into your new condo quickly and without the hassle.

Benefits of Owning A Condo

More and more people are deciding that owning a condo is a better fit for their specific needs and lifestyle than a single-family home. Depending on what you’re looking for in a home, a condo offers a number of significant advantages. Those benefits include:
  • Reducing the amount of home maintenance you’re responsible for. In many cases, lawn care and other types of outdoor maintenance are covered in your condo fees.
  • Reducing the size of your home. Condos can be ideal living situations for singles, empty nesters and small families who don’t need or want to maintain a large home.

Applying For A Condo Loan

A unique aspect of condo loans is that in addition to the potential owner qualifying for the loan, the condo association must also qualify in order for a mortgage application to be approved. A lender will look at a number of factors when determining whether a condo association is financially healthy enough for the loan to be approved.

Typical considerations include:
  • If all planned amenities for the complex are completed
  • The percentage of condominium units that are owner-occupied
  • The percentage of owners delinquent on their monthly dues
  • The amount of money in budget reserves and whether the condo association has sufficient insurance
  • Whether the condo association faces any pending litigation
These unique considerations are in addition to the typical financial criteria used to determine mortgage eligibility for individuals applying for a condo loan.

Condo Loan Benefits

Condo loans offer a number of benefits, including:
  • Fixed and adjustable rate mortgage options*
  • Purchase and refinance options
  • Streamlined condo review process
  • Competitive rates

Get Pre-Qualified For A Condo Loan

Our loan professionals will guide you through the condo financing process and provide you with expert advice and first-class service. Get started with a condo loan pre-qualification today!

Subject to credit approval and program guidelines. With Adjustable Rate Mortgage loans, the rate is variable and may increase or decrease every year after the initial fixed rate period based on changes to an index. This could result in an increase in the monthly payment.