Many lenders in our market area will not make a loan on a condominium unit. Clients of mine recently did secure financing and at advantageous terms. They are getting 90 percent loan to sales price financing: an 80% of sales price loan at 4% interest rate with a 15 year term; and a 10% of sales price loan at 5% interest rate with a 22 year term. To say the least, they will quickly pay off the smaller loan. The larger loan at 4% interest rate is a terrific product, and they will save a great deal of money by paying off that loan in 15 years.
There are loan products out there that can finance the purchase of a condominium, it just takes a little scratching around to find them. And as you can see, the loan terms my clients are getting are very good indeed.