Thinking of financing a condo in Northern Virginia? Condo loans are done all of the time in this area, which is no surprise, considering the huge amount of demand for condos in the D.C. area. 

Financing a Condo – Search Listings of Condos in Northern Virginia 

Here are some important things to consider as you begin your condo search:

- Mortgage lenders look at a condo community’s ratio of investor (rental) properties to owner occupied properties. Basically, lenders want to see a ratio that isn’t too heavily skewed toward rental properties. This is because of Fannie Mae and Freddy Mac guidelines. Even if there are significantly more rental properties than owner occupied units in a building, a buyer who is an owner occupant and financing a condo can often get a waiver on their loan. However, if you’re buying a condo as an investment property, it’s generally not possible to get a waiver. 

The ratio of investment properties to owner occupied properties is researched by your mortgage lender as they start working on your loan application and processing.

Read Part 2 of my blog series on financing a condo. We’ll discuss zero down payment loans, condo fees, and finding out if a condo building has been approved for FHA and VA loans.

Are you looking for the right Northern Virginia property and considering buying and financing a condo? It’s important to work with a real estate agent who sells a lot of condos and can give you good advice on every step of a condo purchase contract. Call me at 703-462-0700 or email me at DarrenRobertsonHomes@gmail.com so I can go to work for you!