Thinking of grabbing a condo in Glenwood Springs? You need to be strategic about your loan. While FHA and USDA loans offer low down payments (3.5% or even 0%), many condo complexes in our area are not "FHA approved."
This means most condo buyers need to look at 5% Conventional Loans. While it’s a slightly higher down payment than FHA, it opens up the doors to a much wider inventory of properties. If you can push that down payment to 20%, you’ll also save significantly by avoiding Mortgage Insurance Premiums (MIP). Before you fall in love with a unit, make sure your lender has checked the "condo-eligibility" of the complex!
