Julie Mealo, a senior home loan consultant for Valley National Bank, handles home loan transactions in Cape May County, New Jersey. She also works with clients in Sea Isle City, Avalon, Stone Harbor, and Ocean City. Possessing upwards of three decades of mortgage loan experience, Julie Mealo is particularly skilled in condominium underwriting.
When buying a single-family home, the mortgage underwriting process is relatively straightforward and relies on assessing the property and the applicant’s ability to repay the loan. Condo loans, meanwhile, depend on several additional factors. This is why condo underwriting is often a more difficult process.
At its core, the process of getting a condo and single-family home mortgage is the same. Nearly any mortgage works with condos, and the general requirements that qualify borrowers for a mortgage are the same whether they are buying a home or condo. For instance, both traditional mortgages and condo mortgages pull borrowers’ credit scores and assess their current debts.
However, banks will look at much more when underwriting a condo mortgage than when underwriting a mortgage for a single-family house. Such additional factors include the amount of money that the homeowners association (HOA) has in reserve, the amount of units that are occupied by the owner, and the amount of space used for commercial/non-residential purposes. In addition, there are different guidelines for 2-4 condo complexes versus larger projects. Julie Mealo has 30 plus years of experience in both types of condo projects.
Banks will decide whether to finance a mortgage for a condo based on both their usual mortgage requirements and these additional factors. Having a mortgage consultant who is an expert in condo approvals such as Julie Mealo will make the mortgage process much smoother.
When buying a single-family home, the mortgage underwriting process is relatively straightforward and relies on assessing the property and the applicant’s ability to repay the loan. Condo loans, meanwhile, depend on several additional factors. This is why condo underwriting is often a more difficult process.
At its core, the process of getting a condo and single-family home mortgage is the same. Nearly any mortgage works with condos, and the general requirements that qualify borrowers for a mortgage are the same whether they are buying a home or condo. For instance, both traditional mortgages and condo mortgages pull borrowers’ credit scores and assess their current debts.
However, banks will look at much more when underwriting a condo mortgage than when underwriting a mortgage for a single-family house. Such additional factors include the amount of money that the homeowners association (HOA) has in reserve, the amount of units that are occupied by the owner, and the amount of space used for commercial/non-residential purposes. In addition, there are different guidelines for 2-4 condo complexes versus larger projects. Julie Mealo has 30 plus years of experience in both types of condo projects.
Banks will decide whether to finance a mortgage for a condo based on both their usual mortgage requirements and these additional factors. Having a mortgage consultant who is an expert in condo approvals such as Julie Mealo will make the mortgage process much smoother.
