No loans for condos reported.....FALSE! Please read

Today on SFGate.com the following story was posted in regards to financing in the condo sector of the housing market. There are loans available for condos and with as little as 3.5% down payment. Below are a couple points I wanted to point out in regards to this article.

1) New construction is very different lending and that was a problem in Mr. Hong did not close until July. The unit was not finished at that time
2) The ratio of owners that actually live in the complex vs. renters has always been a determination when buying a condo and is nothing new. Even when times were going great we still had to watch that ratio in certain complex's.


San Francisco Specific: Always remember that in San Francisco we have condo and TIC (Tenancy in Common). Condos will have less of a downpayment than a TIC. TIC will require at least 20% down.

There ARE loans out there for all. If you have a specific circumstance please feel free to contact me at (415) 336-8191 or email at georgelangford@zephyrsf.com.

Condo buyers find it tough to get mortgages

Carolyn Said, Chronicle Staff Writer

Back in September, when Tae Hong signed a contract to buy a condominium in Oakland's new Pacific Cannery Lofts, he expected to move in quickly. With a 20 percent down payment, excellent credit and good employment as an...

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Read more: http://www.sfgate.com/cgi-bin/article/comments/view?f=/c/a/2009/08/04/BUCT190GMM.DTL#ixzz0NKEdyLI8