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ot willing, ready, and/or able to commit to a standalone single-family dwelling? No problem! Trident Home Loans offers loan products for condos, duplexes, and more.
These are great for first-time homebuyers, city living, vacation properties, and rentals. If you’re thinking of earning some income, starting off with a condo is a great place to start.
Condo products typically have some requirements in addition to the typical loan documents. The condo must be fully completed, including buildings. There should be Condo Owner Association documents, and they should provide proof of insurance in addition to the ‘walls-in’ insurance you will be required to get.
There maybe other considerations as well, so be aware. Trident follows Fannie Mae guidelines when it comes to condos. For example, Fannie Mae will assess to see if the condo falls under “condotel” – in which case, the loan could be denied. This is when the condo is treated more like a short-term rental or hotel type building instead of a residence.
For a full list of requirements and guidelines, check out FannieMae.com
Condo Loan Features:
Must be eligible with Fannie Mae
Must have 100% completed Condo HOA Docs
Required up to 97% LTV (VA & Jumbo available )
Yes, you read that right! Trident Home Loans can provide financing to borrowers looking to purchase or refinance a condo. We offer several different condo-financing programs to better assist our borrowers. Contact a loan representative to learn more.