Reverse Mortgages on Condominiums. Yes we can get your approved or we have a lender that doesn’t require it on condos valued a $350,000 or more.
What Are The Advantages Of Condominiums with an FHA Approval? In the past we have not been able to get s condominiums complex approved before to get a Reverse Mortgage for the owner or it was so time consuming we didn’t want to do it anymore. We have now found a way to get condominiums approved in a month for a minimum amount of effort or cost.
The Advantages Of Condominiums with an FHA Approval:
- Increased Pool of Buyers. A significant percentage of homebuyers of condominiums are using FHA-insured loans. The credit score of these buyers is approaching 700, similar to buyers using conventional loans. Condominiums on the FHA approved list increases the value of its units by increasing the pool of purchasers for units that are for sale. It is simply supply and demand.
- Refinance Opportunities for Unit Owners. Condominiums unit owners desiring to refinance or do a reverse mortgage at today’s historically low interest rates using an FHA-insured mortgage will only be able to do so if the condominiums are approved.
- More Owner-Purchasers. Approved condominiums will attract a greater percentage of homeowners as opposed to investors; a higher percentage of conventional loans are investors who can afford the 20% down payment.
- Demonstrated HOA Stability. FHA-approved condominiums are viewed as stable communities because they have been reviewed and confirmed to have normal owner to rental ratios and HOAs that operate on a budget with solid reserves. This is attractive to potential homebuyers, no matter the source of mortgage financing they plan to use.
Please call Reverse Mortgage Alabama at (205) 908-2993 or (256) 677-9767, or email at email@example.com to learn how to get condominiums approved so you can benefit from a Reverse Mortgage. I can check to see if you are already approved in about 5 minutes.