financing a college-area condo Drexel University

Best first step if you work at Drexel

Drexel’s Employee Home Purchase Assistance Program pairs faculty and professional staff with Franklin Mint Federal Credit Union as the mortgage originator for the program. The program sheet says the assigned mortgage loan officer can help with buying a home or refinancing, and it highlights fixed-rate terms from 10 to 30 years, low lender fees, a first-time buyer option with 3% down to maximize the Drexel $15,000 housing benefit, free appraisal up to $500 on a primary residence, and free pre-approval within 1 to 2 business days of application.

• Use this if you are a faculty or professional staff member and want an employee-linked mortgage path.
• The brochure says pre-approval is not instant; it is issued within 1 to 2 business days after application.
• Source is the Drexel HR mortgage program brochure, dated 2024-02-23.

What to check before you finance a condo unit

For a condo purchase, Fannie Mae says condo projects can have eligibility issues that affect financing, especially if the project lacks sufficient master property insurance or has critical repair problems. It also says HOA boards, property managers and authorized advisors can use Condo Status Finder to check a project’s status, and that buyers should ask the HOA or lender to use Fannie Mae’s tools if they have concerns.

• Have the HOA or lender check the condo project’s status before you commit to a unit.
• Fannie Mae says the search needs the project legal name, address, unit count, tax ID and project style.
• This is a project-level check, not a guarantee that every condo loan will be approved.

How Drexel’s billing and aid steps fit into your budget

If you are also using Drexel financial aid, Drexel says federal loans must be accepted in DrexelOne before they can help cover your bill, and federal loans also require Entrance Counseling and a Master Promissory Note at studentaid.gov. Drexel Central says DrexelOne is where you view aid, billing and eBills, and you can review payment options there if you need to cover remaining costs.

• Drexel says student loans are not available for your bill until required loan steps are completed.
• Use DrexelOne to review billing, aid status and electronic payments.
• If you have a private scholarship, Drexel says it should be reported so it can be reflected in your aid package.

Sources

1. ENABLING PRIDE THROUGH HOME OWNERSHIP ↗
2. Fannie Mae Condo Status Finder ↗
3. Billing and Financing Information ↗