can you get a home equity loan on a condo

we own a condominium with no mortgage and no lien. It is our primary residence. Can we get an equity line of credit? What are the rates? Is there pre-payment penalty? – Let TD Helps show you how you can reach your goals.

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How much space do you need now and do you anticipate needing over the next few years? While a two-bedroom condo could be great today, if you foresee growing your family, needing to work from home, or.

"It may not be the borrower at all, it may be the condo project," says Dave Seleski, president and chief executive officer of Fort Lauderdale, Fla.-based Stonegate Bank. He says if many of the.

Unlike a single-family home loan, condo loans are different, and not every condominium project qualifies. Also, just because FHA says you can get a condo loan does not mean the lender you have chosen will agree to fund such a loan.

what happens after underwriter approved loan  · Best Answer: Conditional loan approval is just that. You need to justify the conditions the underwriter has set forth. If you can without any hanky panky, you should be good to go. The "big deposits" may be your biggest hurdle, but if you can substantiate.fha 203 b loan program FHA Loans: What is the 203(b) Home Loan Program? – If you’re one of those people, know that the FHA 203(b) home loan program is the one you’re looking for. In the words of the Federal Housing Administration, the purpose of the FHA 203(b) loan is to "provide mortgage insurance for a person to purchase or refinance a principal residence. The mortgage loan is funded by a lending institution, such as a mortgage company, bank, savings and loan association and the mortgage is insured by HUD."

It will not be possible for you to get a home equity loan because for that you will have to stay in the property which you’re not currently. Moreover, there’s no equity in the condo, so the question of taking a loan against it does not arise. But yes, you can get a mortgage against the new condo or the paid off home and use the cash for the condo.

If you want to buy an investment property or rental home, plan on putting at least 25% down.. home equity loans Can Be Used to Buy Rental Property. If you have decent credit and enough equity in your primary home, a home equity loan might be the ticket to.

Home equity loan unavailability is another reason. | The Independent – Sadly though, home equity loan can only be gotten for private a private property, HDB not allowed. hdb says, "HDB flats can only be mortgaged to banks You could take out a home equity loan on condo A, and borrow $500,000 at just one per cent per annum. The monthly repayment for this home.

While HELOCs on primary residences are fairly common, it can be much more difficult to get an equity line on an investment property. Investment properties are defined as any homes you own that are not your primary residence, including rental properties, vacation homes and properties intended to be flipped.