Mr. Quaid said condo loans are approved every day, so buyers should not feel as if they cannot finance a condo purchase. He said borrowers should be informed about the importance of good condo management.
“Condo buyers should call a lender to get prequalified for a loan and to discuss the options for condo financing,” Mr. Clark said. “Work with a lender who has experience with condo financing and try to get as much information as you can about the condo before you make an offer.”
While the intricacies of condo lending may sound daunting, the reality is that careful vetting of the condo association should be a priority for buyers and their lenders.
By Douglas Holtz-Eakin
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