Condos have their own process of being approved for financing, and there are not many condos that are approved for financing in Jacksonville. Below are the links that you will check to see if a condo is approved for financing. Depending on which type of financing that you are using for your loan would be the link that you will see if the condo if approved.
If you want a FHA loan, then click on the below link to see if the condo is eligible for FHA financing:
If you want a VA loan, then click on the below link to see if the condo is eligible for VA financing:
If you want a CONVENTIONAL loan, then click on the below link to see if the condo is eligible for CONVENTIONAL financing:
IF THE CONDO IS NOT ON A LIST AND YOU WANT FINANCING
The condo might already be approved for financing. Email me the name of the condo and I can let you know if it is approved before we do the below steps.
If the condo is not on one of the above approved lists, then there is an additional process to go through to see if you can get financing on the condo.
1) Email me a copy of the condo questionnaire
2) Email me a copy of the master insurance policy
I will send the questionnaire and insurance to the underwriter and I will let you know if the condo is approved for financing.
20% down for purchases with a 680 credit score up to $1,250,000 loan amount
40% down if the unit is 500 to 749 square feet or if the unit doesn’t have a full kitchen (full size refrigerator, stove/oven, and sink)
INELIGIBLE CONDOS FOR ANY TYPE OF FINANCING