With condo purchases now....

             Is the market such that you (buyer) always has to put 20% down now.    I know a lot of complexes are not FHA approved anymore, but we were not originally going for an FHA loan.   Now the problem we are running into is that a lot of condo complexes are not only not FHA approved but not "Fannie Mae approved" and you either have to pay cash outright b.c the "association is broke" (or so I am told) or sometimes they will finance you....with 20% down.    Is this true all over now, is it even worth it to try to buy a condo?    Thanks in advance for any advice....Have a good weekend.  

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Permalink Reply by Wayne Brooks on January 19, 2013 at 4:49am
In every local market, some will be and some won't. Too hard to generalize. A listing agent for a condo should know if it's financable.
Permalink Reply by Wayne Brooks on January 19, 2013 at 9:37am
FNMA does have a list of current approved condos. Don't have the link, but you can google "FNMA APPROVED CONDOMINIUMS" for a start.
Permalink Reply by Lauren O on January 19, 2013 at 10:45am

                  Thank you, I will google that now!

Permalink Reply by Debbie Parkans on January 20, 2013 at 10:25am

Buying a condo is getting tougher every day.   How many owner occupant buyers have 20% down.   I have a condo listed that is not FHA approved but we are in the process of getting it approved.   It meets all of the requirements, they just didn't get it re approved when everything was taken off the list. Now how is the lack of availablity of financing going to affect condo values?   Mine has a cash offer on it just below list price - the bank has countered  at a price well above market (of couse and this is NOT a FNMA but a private investo)r.   Comps support a price right at contract price and one of the items I am using is the lack of available financing which I feel will impact the value of the complex.  Prices are in the low $100's so the availability of cash offers are not as feasable as a lower priced complex.   It took about 30 days to get this offer in a market of multiple offers in this price range.     It is going to be interesting to see if Chase will take this into consideration and not expect and appreciation value similar to the single family homes.

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