A condominium is a type of hybrid ownership in real property under which an individual owns a particular unit in a multi-unit development where all unit owners share an undivided interest as tenants in common in the common areas such as hallways, lobbies and community facilities. The benefits of condominium ownership include desirable amenities, reduced maintenance responsibilities and a strong sense of community.
Because of the recent credit and economic crisis, it can be challenging to secure financing for a condominium unit. Borrowers can work with qualified lenders to determine the best mortgage available.
Conventions and regulations for condominium ownership vary by state and by market. Seek legal counsel to address any concerns or questions.
SEE: 5 Steps To Scoring A Mortgage