How is square footage, maintenance fees and mortgage calculated into a condo loan?

There is usually a minimum square footage needed for any property to be financed (typically 600 square feet). As far as the Maintenance Fees, those are considered Condo Fees and are calculated into the Housing Payment to be used for your Debt To Income Calculation. So, with a Condo, you would be paying the following: Principal, Interest, Real Estate Taxes, Condo Fees, Homeowner's/Content Insurance (if required), and possibly Mortgage Insurance if that is the type of loan you are applying for (such as FHA, etc). Any other direct questions, please send to my email if you'd like a reply. Thank you!

Can you clarify your question?

Not sure what you are trying to ask. Can you please be more specific?

Most lenders have a minimum square footage for a home loan of 600ft. That is super small, so as long as it is bigger that that, we really don't care about the size. Otherwise, lenders will take your income, factor in paying back the loan itself, property taxes, inside insurance (HO6 policy), plus Associations dues into a debt ratio to decide if they will lend to you on that home.

Not sure of your question but, square footage is the livable area of your condo which you can get by taking measurements. By knowing this and by using the bedroom count and bathroom count along with other factors will help determine the value. Maintenance fees are determined by the home owners association, and those fees will be used for landscaping, repairs and general maintenance of the complex. Your property taxes and home owners insurance are additional costs associated with a condo. When qualifying we will consider all fees associated above in determining your proposed debt to income ratio and thus making our decision. We hope this helps, if you have any more questions please feel free to call us or email us at 201-962-3555 or Team@BestMortgageOption.com or cgheck us out at www.BestMortgageOption.comAsk for Benny or Michelle

Yeah, like the others what are you trying to accomplish?

As others mentioned 600 sq ft is the standard...Condo fees are added in PITI for debt to income calculations...