Honor Bank has served Northern Michigan for over 100 years, which means we have much knowledge and experience in the condo market. Investing in a condominium is a smart choice for many home buyers. The average condo costs far less than many starter homes, and a condo involves a lot less maintenance and upkeep than a single family home. Choosing a condo for your first (or next) home can save you a bundle and keep you focused on what truly matters most.
Some condo buyers endure a complicated financing process before they get to enjoy the simple life in their new condo. Obtaining any home loan can be a challenge, but condo lending can present a few unique requirements that other lenders may not have the experience to work through, especially if they are not from the market area or if their loan decisions are made downstate or out of state. Honor Bank works hard to help our clients achieve their home ownership goals, whether they are seeking a traditional mortgage or a condo loan. Your experience with us is our top priority while providing excellence in support and service. We value relationships!
Why Choose a Condo Mortgage from Honor Bank?
Honor Bank offers condo mortgages for new and experienced home buyers. Whether your new condo will be your primary residence or a vacation home for you and your family, we have the lending options you need, including these:
- Fractional ownership condo loans at locations such as Crystal Mountain and The Homestead
- Fannie Mae, FHA, VA and Portfolio options
Condominium Loan Requirements
Many of the requirements you will face when buying a condo are the same as if you were buying a house. The two processes are remarkably similar. However, you should be prepared for a handful of special requirements specific to condo loans:
- In order to obtain an FHA loan for a condo, the condo complex must be on the list of FHA-approved condominiums. The VA maintains its own list of approved condo developments.
- At least 80% of the FHA-financed condos in the development must be owner-occupied, and more than half of all condos in the development must be owner-occupied.
- Construction of the development must have been completed at least a year prior to your condo purchase, and there cannot be any expansions in the works. In fact, this rule also applies for Fannie Mae, FHA and VA loans.
Call Honor Bank for Local, Personal Condo Mortgage Lending
Honor Bank specializes in helping Northern Michigan home buyers through the mortgage financing process. Our team would love to support and serve you in obtaining a condo loan that works for your unique needs. Call Honor Bank at 877-325-8031 or send us a message today. A member of our condo mortgage team will be in touch with you right away.