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Tag Archives: Lake Norman Condos For Sale Nc

Condo Financing Guide

Contact Lake Norman Condos

Your Guide to Financing A Condo

In many ways, financing a condo is the same as financing any other residential property. The same lenders that make loans on other residential properties typically finance condos as well. Things like down payment requirements and other qualification standards are largely the same. However, there are a few key differences you should know before you start shopping.

Lenders generally require the same personal qualifications for a mortgage on a condo as they do for a single-family home loan.In other words, if your loan product requires a 10% down payment, that generally applies to a condo, as well. If your lender requires a debt-to-income (DTI) ratio of 36% or less for a single-family mortgage, the same will typically apply to a condo. In a nutshell, there’s nothing special required from you to finance a condo.

Although there are no special requirements for you to qualify for a mortgage on a condo, there may be special requirements related to the condo itself. Here’s a rundown of things a lender could look at when you apply for a mortgage on a condo:

  • The condo association will likely receive some scrutiny. For starters, the lender will want to see that the association is in good financial condition, has adequate insurance, few owners are delinquent on their association dues, and that there are no pending legal issues against the HOA.
  • To qualify for financing, a condominium generally will need to be entirely residential in nature. For example, if a portion of the building is occupied by hotel rooms or commercial space, it could be a dealbreaker for a lender.
  • If any of the condos in the building were sold as timeshare units, you could have an issue obtaining financing.
  • Lenders typically want to see that a certain percentage of the units are owner-occupied and aren’t owned as rental properties. For the purposes of occupancy requirements, condos owned as vacation homes are generally considered to be owner-occupied.
  • Lenders use comparable sales to determine how much a property is worth. With condos, they may want to see comps from the same building. If no units have recently sold, this could be a roadblock for financing.

You have several choices for condo financing. Here are some choices based on your  situation:

  • Conventional Full Review – The condominium needs a Fannie Mae approval; buyers can move in with as little as 3% down.
  • Conventional Limited Review – A very limited review of the condominium association.  No reserve requirements or long questionnaires to complete.
  • FHA Spot Condominium Approval – The condominium must meet FHA spot condominium review approval parameters; buyers can move in with just 3.5% down.
  • VA Approved Condominiums – The approved condominium can be financed with no money down for military veterans and active military with acceptable VA benefits.

If you’re applying for FHA financing for a condo, there are some specific requirements you should know about.

  • The condo has to be your primary residence.
  • The biggest potential roadblock is that the condo must be listed on the FHA-approved condominium list. This is a list of condos in the U.S. that meet HUD standards. If the condo isn’t on the list, it doesn’t qualify for FHA financing — period.
  • More than half of the units in the condominium have to be owner-occupied, and at least 80% of all units with FHA financing must be owner-occupied. To get an FHA mortgage, a home must be your primary residence, but you can convert it into a rental after a certain number of years.
  • The condo complex must have been complete for at least a year. In other words, you can’t get an FHA loan on a condo in a building that’s under construction or that has been recently completed. This rule applies even if the building your unit is several years old but a new phase is being added.

If you’re applying for a conventional (non-FHA) mortgage on a condo, the requirements vary based on your lender, the size of your down payment, and more. The condo concerns I discussed a couple of sections ago generally apply to conventional financing, but some of the FHA rules don’t. For example, you can use a conventional mortgage to buy a condo that’s still under construction or was recently completed. And if you want to buy a condo as a vacation home or investment property, a conventional loan is the way to go.

The main difference between financing for condos and single-family homes is that there are two things that need to qualify for financing — you and the condo building itself. The qualification standards for you are generally the same, no matter what type of home you’re buying. You’ll still need an adequate down payment, enough income to justify the loan, and stable employment, for example. However, you can expect the condo and its association to be put through a rigorous approval process. That process could prevent you from getting financing, even if you’re an otherwise well-qualified applicant.

Source: https://www.fool.com/millionacres/real-estate-financing/articles/your-guide-financing-condos/

Lake Norman Waterfront Condos

Lake Norman Waterfront Condos For Sale

Lake Norman Waterfront Condos

Lake Norman waterfront condos for sale. Condos for sale on Lake Norman. Cornelius waterfront condos for sale. Condos on Lake Norman in Davidson. Denver NC waterfront condos. Lake Norman waterfront condos for sale in Mooresville. Waterfront condos for sale on Lake Norman.

The Lake Norman waterfront condos listed below are updated daily with new Lake Norman condo listings and price changes on condos on Lake Norman. Bookmark this page or set up an automatic MLS listing alert.

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Lake Norman Waterfront Condos For Sale

Listings 1 - 15 of 15

Price: $699,900
7423 Mariner Cove Drive, Cornelius, NC 28031
Complex: Mariner Villas
3 BR, 3 BA, 1808 sqft
Home Realty and | MLS # 3745354 | Active
Price: $695,000
7427 Mariner Cove Drive, Cornelius, NC 28031
Complex: Mariner Villas
3 BR, 2.1 BA, 1768 sqft
Fathom Realty | MLS # 3788901 | Active
Open house! Sat Oct 30, 1 PM-3 PM
Price: $535,000
20407 Harborgate Court, Cornelius, NC 28031
Complex: Harborgate
2 BR, 2 BA, 1771 sqft
Berkshire Hathaway | MLS # 3797186 | Coming soon
Price: $525,000
637 Williamson Road, Mooresville, NC 28117
Complex: Harbor Point
3 BR, 2 BA, 1519 sqft
C-A-RE Realty | MLS # 3786700 | Contract
Price: $515,000
820 Southwest Drive, Davidson, NC 28036
Complex: Stone Bluff
3 BR, 2 BA, 1254 sqft
Allen Tate Lake Norman | MLS # 3750246 | Contract
Price: $455,000
1136 Torrence Circle, Davidson, NC 28036
Complex: South Harbortowne
3 BR, 2 BA, 1326 sqft
Overcash Real Estate | MLS # 3776791 | Contract
Price: $415,000
1014 Southwest Drive, Davidson, NC 28036
Complex: South Harbortowne
2 BR, 2 BA, 1209 sqft
J Cash Real Estate | MLS # 3796374 | Contract
Price: $400,000
1033 Southwest Drive, Davidson, NC 28036
Complex: South Harbortowne
2 BR, 2 BA, 1200 sqft
Allen Tate Lake Norman | MLS # 3789632 | Contract
Price: $400,000
18701 Nautical Drive, Cornelius, NC 28031
Complex: Admirals Quarters
2 BR, 2 BA, 940 sqft
Helen Adams Realty | MLS # 3787685 | Contract
Price: $369,000
18816 Nautical Drive, Cornelius, NC 28031
Complex: Schooner Bay
3 BR, 2 BA, 1337 sqft
Ivester Jackson | MLS # 3787185 | Active
Price: $365,000
310 Northwest Drive, Davidson, NC 28036
Complex: Edgewater
2 BR, 2 BA, 822 sqft
Wilkinson ERA Real | MLS # 3779303 | Active
Price: $325,000
19831 Henderson Road, Cornelius, NC 28031
Complex: Windward
2 BR, 2 BA, 1056 sqft
RE/MAX Leading Edge | MLS # 3794801 | Active
Price: $290,000
20105 Henderson Road, Cornelius, NC 28031
Complex: Windward
2 BR, 2 BA, 1026 sqft
Southern Homes of the | MLS # 3798741 | Active
Price: $279,900
229 Northwest Drive, Davidson, NC 28036
Complex: Harborwatch
2 BR, 1 BA, 691 sqft
Ranson Real Estate Inc | MLS # 3778188 | Contract
Price: $279,000
20101 Henderson Road, Cornelius, NC 28031
Complex: Windward
2 BR, 2 BA, 1063 sqft
KH Moore Realty LLC | MLS # 3784609 | Contract

Listings 1 - 15 of 15