You should only be looking at FHA approved condominiums because of your score. Usually for conventional a 720+ FICO is needed. FHA only requires 640+. Either way the condominium association must be approved.
Banks are getting selective on Condos now a days because the Association is PART OF the Ownership of your future Condo and there is an acceptance list on what associations are up to par on their members Dues.
Yes... the banks will research the Associations other lateness or Delinquent accounts within the membership.
Whom ever you want to compare your rates with in the Lending Industry.... make sure your cerdit does NOT get pulled too many times, for this will throw up flags and effect your Fico score. If your at a 620..... then your border line to begin with so ask for a copy of your report form your initial lender prospect and send that copy to your other prospect lender so.... you wont get too many credit pulls.
Does that make sence? I hope so...
All the Best John Curci RE/MAX 215-757-2889
I would be happy to show you some condo's and also put you in touch with a few lenders I use to see if they can get you a better rate.
Feel free to call me anytime at 267-688-1110.
Keith J. Lawson
RE/MAX Affiliates N.E.
9237 Frankford Ave.
Phila, PA 19114
Member - AREAA Philadelphia Metro
Follow me on Facebook at http://facebook.com/keith.j.lawson
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When shopping for a mortgage, keep in mind that interest rate does not tell the whole story. You may be getting a higher rate, but your total costs (including monthly payment) may actually be lower depending on the type of loan program and whether or not mortgage insurance is required (such as if you took out an FHA loan vs. 20% down Conventional).
A word of caution: Since your credit score is so close to the "magic number" of 620, if you have too many lenders pulling your credit as you shop around, you may potentially lower your score to the point where you may not be able to get the loan.
Best of luck to you!
Rates change every day and they have remained very low and should remain that way for awhile.
Once you get your agreement of sale finalized, check with a few companies to see what they can offer you. But, make sure through your real estate agent that the condo is financeable.
If they are not sure, you can contact me and I can find out. That is very important. Not all condos can get mortgages.
Also, you may need an FHA mortgage based on what you want to buy. FHA is very specific about which condos they approve.
Feel free to contact me to go over your details when you are ready.
Fred Glick, NMLS #133975