I always say to every buyer I ever come across...
"Talk to a Local Mortgage Broker before you start shopping for homes !"
But, now I have added something to that line. I added...
"... and let the Mortgage Broker know what type of property you are looking to buy."
Why did I add that you ask ? I added it because even if you qualify for a particular loan product such as FHA and VA, the property you want to buy may not fit the FHA guidelines. Your loan will be denied and 
that is a very frustrating situation for a buyer and a seller who entered into an agreement without being fully informed. Add on top of that the 25 to 30 Philadelphia condos that were shown to the buyer and that is a lot of time wasted between the buyer agent and the buyer !
Some other homes that may not fit the loan you qualify for are: "Handyman Specials", "TLC" properties, "Short Sales" and the like.
Philadelphia Condos are very difficult to finance with an FHA loan because the FHA guidelines have stipulations. For example, information such as: owner occupant ratios and the length of time the governing association has been in control, can eliminate the use of that loan product for certain condos. Now, in Philly, we have a lot of new construction condos where the developer still owns the majority of the units or there is a very high number of rental units in each condo building since we are in a heavy urban setting. Those 2 items alone have eliminated the use of FHA loans for many of my clients. VA requirements are even stricter and require building approval ahead of time before a loan can be processed.
So, long story short... make sure your mortgage person has the inside scoop regarding the Philadelphia condo building in addition to your personal financial info. Below are 3 simple questions a Buyer, Seller, or Realtor can use to help reveal the info needed to see if the loan and the house are compatible.
- What type of loan are we using? Conventional, FHA, VA ...
- What type of property are we buying? Single Family, Multi Family, Shell, Condo, Commercial...
- Do we qualify for any other type of loan?
Once you get through the due-diligence of financing, it is time to be ready for your home inspection:
Home Inspections: 4 More Tips for Buyers, Sellers and Realtors
Home Inspections: 4 Tips to Avoid the Buyer and Seller Freak-outs !
We hope this information on Philadelphia condos is helpful to both buyers and sellers ! If you find the information informative, please subscribe to our blog ! Is only a click away ! If you are in our neck of the woods, please contact us via phone or email or ask about our new office location in Northern Liberties !
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If interested in buying or selling properties in Philadelphia, contact Chris and Stephanie Somers at thesomersteam@yahoo.com or 215-400-2612 . You can connect with us on Facebook and Twitter . For investment properties, check out our new investor site at Philly Investor Hub and ask us about Philadelphia Foreclosures and Short Sales .
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