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Ask The Realtor!

Ask The Realtor

Can you explain the difference between a condo association and a homeowner's assocation?

There are several differences however the most obvious to a home buyer and/or home seller are as follows:

A condo association is one that provides repairs to the exterior of the condo and/or townhome including the siding, roof, decks, etc.  They also normally include the trash, water, sewer, snow removal and lawn care.  In addition they carry insurance for the property and the owner of the property only needs to carry Content Insurance for their personal items in the property.  However all are different so you want to be certain of the inclusions.  The fee for a condo association is normally higher than a homeowner's association.

A Home Owner's Association normally only covers snow removal, trash and lawn.  Again this can vary from association to association so be sure you are aware of what they are covering.  In addition their monthly fee is usually a lower amount than a condo association.

What is the least amount you can put down when purchasing a home?

USDA provides 100% financing with no PMI however you are restricted to the areas that are approved for USDA financing.  Any Realtor and/or Lender that is familiar with the program can assist in determining which areas this financing can be utilized.

FHA requires 3.5% down payment.  VA requires 0 Down Payment.

Conventional Financing can vary from 5% to 20% and more down on a mortgage. 

Remember you will also have closing costs involved in the purchase of a home which will include Title Insurance, Endorsements, Notary Fees, One-Year of Homeowner's Insurance, Inspection Fees, Lender Fees such as appraisal, flood certification, tax certifications, recording fees to record your mortgage and note, reimbursed taxes to the Seller as well as escrow of taxes if you are escrowing those and condo/homeowner association fees if you are moving into that type of home.

With USDA & FHA you can receive up to a 6% seller's assist, with Conventional 3% with less than 20% down and 6% with 20% or more down and with VA all closing costs can be paid by the Seller. 

Speak with a direct lender to speak about all of your options and which one would work best for you.

Ask the Realtor is brought to you by Jennifer Daywalt, Phoenixville's Home Town Realtor and the Phoenixville Patch.  Jennifer is with RE/MAX Results Realty in Collegeville.  Questions can be sent to Jennifer @ Sellinghomesjenn@aol.com and all will be answered privately and in this forum.

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