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Are you looking for a condominium in Massachusetts? Do you have at least 10% for a down payment?

I recently received some valuable information from one of my mortgage partners, Stacey Alcorn of Unlimited Mortgage Corporation http://www.unlimitedhomemortgage.com., regarding condominium financing in Massachusetts. If you have less than a 10% down payment, it may be difficult to get financing. Most mortgage insurance companies are no longer insuring mortgages on condominiums where the buyer is putting less than 10% down. It may be difficult, but it is not impossible. If the complex is FHA approved, FHA financing is a viable option. If the complex is not FHA approved, it may be possible to obtain FHA approval if the unit meets certain FHA guidelines.

Mortgage programs are constantly changing so it is very important that you keep in regular contact with your lender. Before making an offer on a property, be sure to have your pre-approval letter updated, and have your lender check to make sure the loan program they have you slated for is still available.

Good luck with your search for a new home. If you have any questions, please give me a call.