Does it make a difference if you opt to purchase a condominium, single family, or townhome? Believe it or not, condominium have very unique financing features that you want to keep an eye for!
-Warrantable vs. non-warrantable condos:
A warrantable condo is one that meets certain eligibility requirements set by government-sponsored enterprises. Non-warrantable condos do not meet these requirements and may be more difficult to finance.
-Down payment requirements:
Depending on the type of financing you are seeking, the down payment requirement for a condo can vary.
-Credit score /income requirements:
Most lenders require a credit score of at least 620 (some may require higher). Additionally, you will need to provide proof of income and may need to meet certain debt-to-income ratio requirements.
-Association fees and assessments:
These fees can vary widely and can have a significant impact on your monthly housing costs.
-Work with a knowledgeable lender:
A knowledgeable lender can help you navigate the process and find the right financing options for your needs.
Overall, financing a condo in Richmond, Virginia can be a complex process, but by doing your research and working with a knowledgeable lender, you can find the right financing options for your needs.
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