Are There Lending Requirements for Condos?

Most mortgage lenders have very standard lending requirements. If you can provide income documentation, all you need is 20% as down payment to start borrowing up to 400K for every 100K of documented income.

However, if your condo building is new on the market, some banks will not lend to any customer unless the building has sold over 50% of its units.

Should I Get a Home Inspection on a New Condo Unit?

Always get a home inspection on the condo you are planning to buy.

It is very common for brand new million dollar condos to be delivered to unsuspecting buyers with a laundry list of defects such as: punctured holes on an exterior walls, broken washers and dryers, soft spots on floorboards, cracked toilet bowls, missing caulking, and/or misaligned cabinet doors.

Your home inspection will come up with more or less defects even if the condo unit is part of a new building because the contractors, who finished the job, either rushed it or just ignored all the finer details of an expensive condo unit.