If You Are Thinking of Buying a Condo or OWN a Condo, You MUST Know This
If you have been involved with the condo market AT ALL in the past few years, you know that condo financing is extremely, extremely difficult. The financial crisis of 2008 saw banks hammered by historical defaults on second home and investment loans, many of which were tied to Florida condos, so condo lending all but flew out the window.
In 2013, to avoid history repeating itself, the federal government passed the Dodd–Frank Wall Street Reform and Consumer Protection Act which established the Consumer Federal Protection Bureau (CFPB). To protect ANY buyer of real estate, the CFPB created "The New TILA-RESPA Integrated Disclosures" or TRID.
The new TRID rules were implemented in October of 2015 and are critical to know when you are involved in a real estate transaction but in this context, it's just important to understand that the new regulations are just another hurdle in the condo financing process.
But good news has just arrived!
At least ONE lender is now offering THREE exciting options for CONDO buyers/owners:
5% Down Payment and 30 Year FIXED Financing
Primary Home Buyer
10% Down Payment and 30 Year FIXED Financing
Vacation Home Buyer
15% Down Payment and 30 Year FIXED Financing
Investment Home Buyer
This program DOES NOT apply to every condo project but there are plenty on the list and this lender is working to add more all the time. If you want the current list or to be keep updated, just click the button below.
The Federal Reserve is almost certainly raising interest rates by year end so with these programs and the current price of money, there may not be a better time to enter the condo market for years to come. SHARE, SHARE, SHARE this with anyone you know that owns a condo or is thinking of buying one. They will LOVE you for it!