Take the condo fee and divide by 0.0055 and you will get the equivalent "price" in principle, interest, taxes, and insurance, at today's mortgage rates, that will be "eaten up" by the condo fees.
Condos are a kind of ownership. They are not a kind of construction. It is possible to buy a detached condo.
But, given what your son is pre-approved for, if a condo is what satisfies his needs and desires there is nothing wrong with his buying one. The purchase of a condo will cut down on the actual price he can pay due to the condo fees is all.
In this market, anyone expecting to sell their home is still going to be offering some sort of closing costs assistance. Full CCA under $225,000 in price works out to about 4% of the price. Over $250,000 abot 3% of the price. If I were writing an offer for your son, that is what we would be asking for from the seller.
It costs nothing to hire a Buyer's Agent. They are paid out of the co-broker commission which is that part of the entire commission paid by the seller to have a Buyer's Agent bring them a ready willing and able buyer, and take them through the home search process all the way to handing your son the keys at the closing table.
By chance is your son A. Active Duty B. Certified Wounded Warrior C. Retired 20 Year Veteran D. Dept. of Defense Employee ? If so, he will very much like our Military On The Move Program at William E. Wood and Associates. (We are the only real estate company that offers it in the greater Hampton Roads area.)
Let me know if I can assist you.
William E. Wood & Associates