Condo Mortgages

condo mortgage loans - condo interiorCondo mortgages are a bit different than detached-single family house mortgages in that they are riskier.

They are riskier because it’s not only the unit owner’s actions that matter; the association and the neighbors’ actions matter too.

The FHA does not insure loans made against condo units that are not located within one of the association it’s approved or units it’s approved.

Conventional conforming loans can be obtained if the unit and the association meet a long list of requirements.

The extra risk is reflected in the pricing of loans, .i.e., higher interest rate.