Condo Financing Changes Take Effect

For many condo purchases, lenders now need a more comprehensive look at the condo project itself, including factors such as its financial health, reserves and potential property condition concerns.

Translation: a beautiful unit may not be the only thing standing between you and loan approval.

The goal is to make sure condo communities are better positioned to handle maintenance and major repairs without leaving owners vulnerable to unexpected financial surprises.

Stronger reserves can help protect against deferred maintenance, large special assessments, and sudden increases in owner expenses.

Start the conversation early. Before you fall in love with a condo, ask your agent and lender about the building's financial eligibility and whether the additional HOA documentation may be needed. 

A little homework upfront can help avoide surprises once you're under contract.

If you're planning on purchasing a condo sometime soon, one of our agents would love to sit down before you start looking to make sure you're comfortable with these new guidelines. Call us at 314.721.4755 for more information!

For 90 years, Gladys Manion Real Estate has set the standard for luxury real estate in St. Louis. The agents recognized through RealTrends Verified exemplify that legacy, combining deep local knowledge with an unwavering dedication to their clients. Their recognition speaks not only to their success, but also to the trust they have built within the St. Louis Central Corridor communities and the neighborhoods they serve.