Buying a condo...

If you are like many people, condos can be great first-homes. If you are buying a condo from an investment group or developer, please be careful. Some investment groups and/or developers want to use their own policies and documents that are different from what banks require. There are certain forms, especially on government loans that are mandatory from the bank and there underwriters. They need to be completed and signed by both parties. Some of these investors are asking for higher down payments that are required for FHA or VA loans, and are not concern with the underwriting process, only receiving their money. Please inquiry upfront what their minimum down payment is, along with closing cost help, and extension on settlements. If you run into these issues, the banks will not bend, they will expect for the buyer and seller to provide what is required or they will not lend on the purchase.

Georgetown Homes
DC Metro Sr. Mortgage Broker