Northwest Arkansas Condo Financing

Can I get a mortgage and finance a condo in Northwest Arkansas? Northwest Arkansas Condo Financing is available, but the answer is not exactly straight forward. Loans for condominiums are quite a bit different than getting a standard mortgage on a home. Factors such as occupancy, ownership, POA and the percent of rentals in the project can affect the eligibility of financing a condo. The rules are no different for Fayetteville or Northwest Arkansas when it comes to purchasing a condo with a mortgage. The following are questions that need to be answered when it comes to a condominium mortgage loan:

  • Are the units sold in the project greater than 30%?
  • Will this property be your primary residence?
  • Are all of the common elements in the project completed?
  • Is the developer still in charge of the POA?
  • Will there be any additional phases of the project that are incomplete?
  • Are 10% or more of the units owned by one entity?
  • Does the project have any Hotel like amenities?
  • Have the common elements been in completed status for greater than one year?
  • If there are commercial tenants do they occupy less than 20% of the project?

Most of us were just attracted to the property because of the great location and conveniences of living in a condo, but for financing this type of property the rules are quite different than a typical home mortgage. I hope this post will help guide you toward your goal of purchasing a condo. As mortgage professionals we welcome your questions and are here to make the process as smooth as possible.

 

For more information about Condos in Northwest Arkansas please give us a call. We are mortgage loan professionals backed by a family owned Arkansas Bank.  479-841-6610

 

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