$380,000 CONDO vs. $450,000 SINGLE-FAMILY HOME
What has a higher payment?
A $380,000 Condo with $400 in HOA Fees?
A $450,000 Single-Family Residence with NO HOA Fees?
Answer: The payments are about the same.
With 20% down and a 4.5% rate, both will have total payments* of about $2,375 per month.
We like to remind everyone looking for condos as a cheaper way to buy that HOA fees often offset the difference in purchase price.
Condos still have advantages of less maintenance and potentially more safety, but the HOA fees need to be accounted for.
We also realize that in some areas, condos are the only option.
$100 OF HOA FEES = $15,000+ OF PURCHASING POWER
But, depending on the type of financing, $100 of HOA fees can offset $15,000 or more of purchasing power ($17,500 in the above example).
*principle, interest, taxes, insurance and HOA fees
Questions? Keep In Touch With JVM Lending
If you have questions about the homebuying process or how to qualify for a mortgage for a property with HOA fees, contact JVM Lending. Our expert Mortgage Analysts and Client Advisors are available 7 days a week to answer questions and guide you through the homebuying process.
One of the biggest advantages available to JVM homebuyers is JVM’s Homeownership Advantage. JVM Lending offers homebuyers benefits that go far beyond mortgages, including moving assistance, monthly home value updates, home concierge services, and interest rate monitoring services. Keep in touch with JVM Lending to continue to take advantage of all the many offerings JVM offers their homebuyers.
Founder/Broker | JVM Lending
(855) 855-4491 | DRE# 1197176, NMLS# 310167