Right now FHA financing is the most popular mortgage because a buyer can get into home ownership with only about 3.5% down. FHA loans are used over 90% of the time by buyers because it’s got the lowest down payment requirement.
The only other financing buyers can do are VA and Conventional. VA rules are just as strict as FHA rules, and unless you are VA-eligible (a veteran), you can’t use it.
Right now, lenders require Conventional buyers for condos to put down at least 20% of the sales price. That’s HUGE in this market.
Thank you,
Jennifer Seabrook
Certified Manager of Community Associations (CMCA)
Association Management Specialist (AMS)
Accredited Association Management Company (AAMC)
Community Manager
Community Management Group
O: 843-795-8484 x329
F: 843-795-8482
www.CMGCharleston.com
