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Condo Loans

Condo loans in Michigan.

Condo Loans

Michigan Condo Loans

Michigan condo loans can be a difficult thing to obtain from most lenders. There are special requirements for occupancy and usage of the condo complex in order to obtain financing so it is important to work with a knowledgeable company to ensure you know what is required.

Additionally there may be some condos that are not FHA insured which also make it more difficult to buy or sell a condo. This is where we can help! We have several loan options for condo owners to refinance or to help new families to buy a condo. We can also help get your condo approved for a FHA mortgage for easier financing.

For more information on Michigan Condo Loan programs from Riverbank, call us at 800-555-2098 or apply online today!

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    How do I get a Condo loan in Michigan?

    If you are interested in buying a condo in Michigan or refinancing a loan on a property you own then Riverbank can help! We have several options for condominium financing including conventional mortgages which allow for as little as a 5% down payment or even FHA condo loans with 3.5% down payments. We work with several banks that have condo financing programs. Call us today at 800-555-2098 and ask how we can help with your next condo loan.

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    Conventional Condo Loan

    Buying a condo with conventional financing is a common home loan option. Conventional loans are more flexible for the purchase as the condo does not need to have the entire project be on an approved list like FHA financing. Limited review condo project approval is available to streamline the loan process as long as the condo is considered an "established condo".

    Established Condo Requirements

    • At least 90% of the total units in the project have been conveyed to the unit purchasers
    • The project is 100% complete, including all units and common elements
    • The project is not subject to additional phasing or annexation
    • Control of the homeowners' association has been turned over to the unit owners
    • HOA delinquencies can be no more than 15%

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