[quote=profhoff]Why are condos so hard to finance?[/quote]
Risk & Reward is what FNMA etc look at based on their past experience. Higher credit scores/ larger down payments have led to fewer defaults.
(why they still allow low down payments proves this is all a scam)
Condos have proved to be riskier than homes, and conversions even worse. Some condos cannot be financed at all, even with 50% down. Some associations are insolvent or have too many rentals.
Condos with less than 25% equity now cost more to get a loan, and I have been told that higher loan pricing is coming very shortly… HLS
