which is better, a house vs. condo/townhouse?
There are a lot of good points brought up in this discussion however, the question was posted nearly a year ago and the market has changed dramatically. The average condo has experienced a greater % of loss than the SFR in this length of time. The first thing a borrower stops paying on is the HOA fees when they’re trying to hold onto the home. When the HOA budget reserves drop because of this scenario, there isn’t enough $ to make the necessary repairs. As borrowers lose their condos, the occupancy % changes dramatically. Lenders don’t like to lend in a project where less than 51% of the homes are not owner occupied. It is much more difficult to get FHA financing on a condo that is not HUD approved. There are still lenders who do “spot approvals” but the project itself typically has to be in very good financial condition with adequate reserves. My last point for you to consider is the HOA fees. In my area, a typical $300,000 condo has about a $300 monthly HOA fee. Most lenders also req
