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Condominium Loans

 

Helping buyers understand the condo loan process

Are you ready for the classy condominium lifestyle?

 

Luckily, we understand the condominium buying process - and it can definitely be unique, in comparison to a single-family home buying process. We offer a variety of loan options to meet your needs and a smooth process for a pleasant homebuying experience.

 

What Are the Benefits of Owning a Condominium?

More and more people are deciding that owning a condominium, rather than a single-family home, is a better fit for their specific needs and lifestyle. Benefits include:

  • Reducing the amount of home maintenance you're responsible for - In many cases, lawn care and other types of outdoor maintenance are covered in your condominium fees (because who has time for that, really?)

  • Reducing the size of your home - Condominiums can be ideal living situations for singles, empty nesters, and small families who don't need or want to maintain a large home (smaller can be better!)

 

What Should I Know About Waterstone Mortgage’s Condo Loans?

  • No-down-payment option available, with loan amounts up to $700,000*

  • Fixed and adjustable rate mortgage (ARM) available

  • Financing available for purchases and refinances

  • Non-warrantable-condo options available

  • Flexible condo review process

 

What Does the Application Process for a Condominium Loan Look Like?

A unique aspect of condominium loans is that legal documents, financial documents, and other aspects of the project will be reviewed to be certain they not only meet with the lender's requirements but that you, the homeowner, are protected. A lender will look at several factors when determining whether a condominium association is financially healthy enough for the loan to be approved, such as:

 

  • If all planned amenities for the complex are completed

  • Percentage of condominium units that are owner-occupied

  • Percentage of owners that are delinquent on their monthly dues

  • The amount of money in budget reserves and whether the condominium association has sufficient insurance

  • Whether the condominium association faces any pending litigation

 

To learn more about this process, and how you can get started with a condominium loan application, contact your Waterstone Mortgage loan professional.

 

*Not available in Florida.
All loan requests are subject to credit approval as well as specific loan program requirements and guidelines. With Adjustable Rate Mortgage loans, the rate is variable and may increase or decrease every year after the initial fixed rate period based on changes to an index. This could result in an increase in the monthly payment.
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ABOUT US    |   CAREERS

 

Waterstone Mortgage Corporation (NMLS #186434) is a wholly owned subsidiary of WaterStone Bank SSB (NASDAQ: WSBF) .
Copyright Waterstone Mortgage Corporation. All Rights Reserved.

 
Privacy Policy | Disclosures & Licenses | General Disclaimer | Cyber Threats and Information Security
NMLS Consumer Access | Foreclosure Avoidance Programs | Credit Granting Criteria

ABOUT US    |   CAREERS

 

Waterstone Mortgage Corporation (NMLS #186434) is a wholly owned subsidiary of WaterStone Bank SSB (NASDAQ: WSBF) .
Copyright Waterstone Mortgage Corporation. All Rights Reserved.

 
Privacy Policy | Disclosures & Licenses | General Disclaimer | Cyber Threats and Information Security
NMLS Consumer Access | Foreclosure Avoidance Programs | Credit Granting Criteria