If you want to buy a traditional single-family home, getting a loan isn’t too difficult if you have good credit. However, if you want to buy a condo or townhome, things are a little different. These properties present challenges for those who want to buy them, but there are some tips and tricks for getting your mortgage approved.
Why Lenders Don’t Approve
Before you can set out to win over a lender and get the mortgage you need to buy a condo or townhome, it’s important to fully understand why so many banks simply won’t provide the funds. In some cases, the building may be under construction. In others, the bank might feel that one person owns too many of the units, or that too many of the units are being rented. What’s more, if there is inadequate insurance, or even if too many people are behind on their monthly dues, banks typically avoid these properties. Fortunately, there are some things you can do.