Many people mistakenly believe that getting a loan for a condo can be a difficult task. In reality, in recent years, more lenders have been offering these loans, so more borrowers are eligible to receive condo loans. The standards are still stringent; however, getting a condominium loan can be done if you work with knowledgeable DFW lender, John Picinic.
Qualifying for a Condo Loan
The underwriting process is a tad different from that of a single family residence due to a condo’s legal structure. John Picinic will evaluate your credit score, and look closely at the property you will be buying. John will also consider your homeowner’s association dues. The condominium association will also need to meet the qualifications for a loan. They want to make sure the property is in good condition and meets lending qualifications.
Application Process for an DFW Condo Loan
The application process is simple! Once you apply online, you will work closely with John to determine how much you can afford, based on your income and liabilities and your budget. His goal is to be able to issue your prequalification letter to you on the same day you apply.