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Information on mortgages, home equity loans, and consumer credit to help you use the power of financing to your advantage.
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Mortgages > Purchase
Guidelines on getting a condo mortgage
For a condo to be warranted by Fannie Mae or Freddie Mac, the condo project must have at least 60% of its units owner-occupied, and no more than 40% of its units occupied by renters.
If the homeowners’ association has been in charge of the property for less than two years, then 70% of the units must be owner-occupied.
Fannie Mae and Freddie Mac will not warrant a condo if the condo project includes commercial space.
Site condos can be warranted by Fannie Mae and Freddie Mac.
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The tips on this website should be considered food for thought only. Lendingtips.com is a clearinghouse of ideas, not a professional adviser. Before any important decision, please consult the appropriate professionals (lawyer, accountant, real estate agency, broker etc.).
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• Mortgages > Purchase Articles Archive
• Mortgage Loan Calculator Use this calculator to determine your monthly payment and amortization schedule.
• Mortgage Qualifier Can you buy your dream home? Find out just how much you can afford!.
• Refinance Breakeven Should you refinance your mortgage? Use this calculator to determine when you will breakeven!
• Rent vs. Buy Are you better off buying your home, or should you continue to rent?.
• Amortizing Loan Calculator Enter your desired payment - and let us calculate your loan amount. Or, enter in the loan amount and we will calculate your monthly payment!
• ARM vs. Fixed Rate Mortgage Use this calculator to compare a fixed rate mortgage to two types of ARMs, a Fully Amortizing ARM and an Interest Only ARM.
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