Condo Loans

Helping buyers understand the condo loan process

Are you ready for the classy condo lifestyle? (That’s what we like to say here at Waterstone Mortgage – we know we’re a little silly, and we’re okay with it).

Luckily, we understand the condo buying process – and it can definitely be unique, in comparison to a single-family home buying process. We offer a variety of loan options to meet your needs and a smooth process to pleasant homebuying experience.

What Are the Benefits of Owning a Condo?

More and more people are deciding that owning a condo, rather than a single-family home, is a better fit for their specific needs and lifestyle. 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 (because who has time for that, really?)
  • 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 (smaller can be better!)

What Should I Know About Waterstone Mortgage's Condo Loans?

  • No-down-payment option available, with loan amounts up too $700,000*
  • Fixed and adjustable rate mortgage (ARM) available
  • Financing available for purchases and refinances
  • Non-warrantable-condo options available
  • Flexible condo review process

What Does the Application Process for a Condo Loan Look Like?

A unique aspect of condo loans is the legal documents, financial documents, and other aspects of the project will be reviewed to be certain they not only meet with the lender's criteria but that you, the homeowner, are protected. A lender will look at several factors when determining whether a condo association is financially healthy enough for the loan to be approved, such as:

  • If all planned amenities for the complex are completed
  • Percentage of condominium units that are owner-occupied
  • Percentage of owners that are 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

To learn more about this process, and how you can get started with a condo loan application, contact your Waterstone Mortgage loan professional.

*Not available in Florida.

All loan requests are subject to credit approval as well as specific loan program requirements and 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.