So, you're ready to dive back into the exhilarating world of homebuying for the second time around? As your local mortgage pro in the heart of our community, we're here to walk you through the process and answer some burning questions, including whether you can utilize government loans again. 

The Requirements and Challenges:

First things first, let's talk about the nitty-gritty. Unlike your first venture into homeownership where grants and initiatives might have eased the burden of a down payment, as a second-time buyer, you won't have access to those same perks. You'll likely need some cash upfront.

If you're selling your current home, you can channel those sale proceeds right into your next down payment. Now, about those stricter

A condo refi is similar to refinancing any other home. The lender will look at your income, assets, and credit to ascertain your qualification. Plus, the condo will also be appraised to determine the property value.

However, since there are more variables when refinancing a condo, such as shared amenities, lenders usually conduct a condo review. 

It's worth noting that not every condo will require a review. A conventional loan refi of a detached condo typically won't need one since they're considered a single-family residence. The same goes for condo projects with four units or less.

Otherwise, it's safe to assume that you will need a review to refi your condo. Here's what that might look like. 

Condo Review For Government-Backed Loans