HUD Approved Condos: Can You Still Qualify for a Reverse Mortgage?
Learn if a condo is eligible for a reverse mortgage and how to find out if your condo complex is HUD approved. There are so many things you need to think about when buying a home that it can make your head spin. However, if you’re nearing retirement and thinking about buying a home, that adds a whole new dimension to the home buying process and another whole list of things you need to think about as well. One of the things you can add to your list is buying a home with a reverse mortgage in mind. And if you are considering a condo as your next home, and a reverse mortgage is something you will at some point consider, you will also need to know whether or not your preferred condo is on the list of HUD approved condos. Yes, we realize this is probably all a bit confusing that’s why we are going to go over it in quite a bit of detail.
Mortgage Pre-qualification and Pre-approval
PRE-QUALIFICATION - This is an easy first step to show sellers you’re getting serious about buying. In order to get a mortgage pre-qualification letter, a loan officer will make a general assessment of your financial situation. They’ll be able to gauge whether or not you can get a loan and how much money you can get. PRE-APPROVAL - Once you’ve gotten a better idea of your financial picture, you need to get pre-approved. It’s important to time your pre-approval with when you’re ready to buy because a pre-approval letter expires in 60 to 90 days. Pre-approval is a conditional promise from a bank or lender that they are willing to lend to you, and for what amount.