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What you need to know about Condos when getting a mortgage
Manage episode 380281311 series 2979320
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Putting down 25% on a primary and 30% down on second and Investment properties is called a limited review. When you put less down then there is a full review if the project is not already approved.
You need to see the approved budget. if the reserves are less than 10%, no deal
also reviewed the insurance policy and the sinkhole coverage was 10% when it needs to be 5%. It is important to do your homework before paying for home inspections and appraisals, the condo review team really does its job in the end, and better to be prepared beforehand. If you need me to review your budget let me know
Tune in and learn more at https://www.ddamortgage.com/blog
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