y Anya Martin | The Wall Street Journal
Getting a jumbo mortgage typically involves the buyer and the bank. But when purchasing a condo, loan deals involve a third player: the condo association.
Lenders are stricter when financing condos because the homeowner isn’t solely responsible for maintaining the value of the property. When someone buys a condo, they’re also purchasing an ownership share in common areas ranging from the grounds to shared amenities. These are managed by the condo association, whose officers are elected by fellow residents.