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  • Home > Programs > Mortgages for Condominiums

    Condo Loans from AFR Mortgage

    Sidewalk up to condominiums. Find condo mortgage loans with AFR.At American Financial Resources our loan consultants are condo loan experts. They understand the ins and outs of obtaining condominium mortgages across the country. There are a few additional steps you may need to go through to purchase or refinance a condominium including obtaining a "condo questionnaire" form outlining information about the building that is important to the lender. The lender will want to know how many of the units are occupied, how many are used as rental properties, how financially secure the property owners association is, who pays for the upkeep, and how the property is insured. In new properties they will want to know how close to completion the project is, including common areas. All of these details affect the value of your unit, and the likelihood of the value increasing or decreasing. Sound confusing? Don't worry, we're here to help!

    Free Quote and Consultation (3 Options)

    • Call us toll-free at 800-634-8616
    • Complete the Rate Quote Form on this page
    • Get Started Online

    Types of Condo Mortgage Programs We Offer

    We offer a wide variety of condominium financing options including:

    • 30, 20, 15 and 10 year conventional fixed rate mortgages
    • 7/1, 5/1 and 3/1 adjustable rate loans
    • Low money down FHA loans
    • USDA rural housing loans
    • VA mortgages for eligible military veterans and active duty personnel
    • Jumbo loans for higher loan amounts

    Benefits of a purchasing a condominium

    Many people enjoy living in a condominium rather than in a single family home or a rented apartment. A few of the reasons are outlined below:

    • Reduced maintenance - When you own a condo you are only responsible for the upkeep of the interior of your property. Often times the landscaping, painting the exterior of the building, maintaining the lobby, pool, fitness center, or other common areas is all handled by property management. You may pay property owners association fees (or POA fees) to help pay for this maintenance, but you will share the costs with all of your neighbors. POA fees often include insurance on the property as well, but you may need to take out an additional policy to protect the contents of your home such as your furniture, appliances, and other personal possessions.

    • Own your own home in a high cost area - In many cities and popular vacation destinations single family home prices are out of reach for many Americans, but condo prices may be much more reasonable.

    • Smaller home size - For a single person, small family, or empty nesters who don't want or need a lot of space, a smaller condo may be just the right fit. Of course there are also condos available in a wide variety of sizes, including those with multiple floors.

    Request a condo mortgage quote from American Financial Resources

    Whether you are purchasing a unit or refinancing a condo loan a condo loan, using the home as your primary residence or a second home, have a large down payment or little money to put down, we would love to help you find the condo mortgage that is right for you. Request a quote for current condo mortgage rates by giving us a call at 800-316-9508 to speak to a loan consultant right away!

    10 Questions to Ask A Condo Board

    Before you buy, contact the condo board with the following questions.

    1. How many of the units are occupied?

    2. What percentage of the overall project is completed? If not 100% complete, what is the schedule for completion?

    3. What percentage of the common areas are completed? If not 100% complete, what the schedule for completion?

    4. What are the owners association bylaws?

    5. Is the project on HUD's list of FHA approved condominiums?

    6. What are the property owners' dues, when are they due, and how are they collected?

    7. What do the property owners' dues cover?

    8. How financially stable is the property owners association? How much is kept in reserves, and what are funds used for?

    9. What percentage of property owners are current on their dues? What is the process of collecting delinquent dues?

    10. Are there any disputes going on currently?

    Additional Resources:

    Condo Financing Information
    About the Mortgage Process
    Mortgage Application Checklist

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    American Financial Resources is a BBB Accredited Business. Click for the BBB Business Review of this Mortgage Banker in Parsippany NJ