ANSWER
Financing a condo near Georgia State involves underwriting both the borrower and, for many conventional loans, the condominium project. Fannie Mae says lenders may need a project review based on the project and transaction, while CFPB warns that HOA dues are usually separate from the mortgage payment and should be included in affordability planning.
YOUR NEXT DECISION
Apply this to your housing budget
- Give the lender the exact condo project before relying on financing assumptions.
- Add HOA dues, taxes and insurance to the monthly budget.
- Review association documents and known assessments before closing.
Ask the lender about the condo project early
Fannie Mae's current project standards say a lender may need to determine whether the condominium project meets eligibility requirements in addition to underwriting the borrower, transaction and individual unit. The required review method depends on factors such as project type, size, status and the mortgage transaction.
- Provide the lender with the exact building or project name early.
- Ask whether a project review or additional association documents will be required.
- Do not assume that borrower preapproval alone means a particular condo project is financeable.
Budget the HOA separately from the mortgage
CFPB says condo or HOA dues are usually paid directly to the association rather than included in the mortgage payment. When comparing a college-area condo with renting near Georgia State, include HOA dues, taxes, insurance and any known assessments in the monthly ownership cost.
- Request the current HOA dues and budget before making an offer.
- Ask about pending special assessments and insurance requirements.
- Compare the all-in ownership cost with current rental alternatives near the Atlanta Campus.
Sources
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