Market Growth & Condo Loans in Columbus
From the intersection of Broad and High Streets and down the Scioto River, Columbus, Ohio is a happening area that is experiencing market growth. A way to stay close to the action? A Columbus Condo.
Columbus’ Market Growth
Columbus entered 2022 as one of the top ten areas predicted for market growth. Redfin reports that as of May 2022, the median sale price of a condo or co-op in Columbus was $235,000. And despite national housing trends declining in the month of June, the Franklin County Auditor reported that they continued to see market growth.
What to Know about Condo Loans
There are two main players involved when qualifying for a condo loan: you and the building. First, we will check your credit, income, and DTI before approving your loan. We will also check the building’s qualifications. Looking at things such as the number of owner-occupied units and the association’s history helps us ensure that they too are trustworthy to lend to and are financially responsible for maintaining the property.
In addition to market growth, another perk of Columbus is that it’s an area with many FHA-approved condominiums; this means that you can buy these condos with an FHA Loan. This makes them ideal for first-time home buyers and other borrowers who benefit from FHA requirements. Many of these condos are also up to HUD Housing Quality Standards.
Columbus is an up-and-coming place where you can currently get a great bang for your buck in areas close to downtown. Some neighborhoods to check out include Groveport, Grove City, and Reynoldsburg.
And not only is the city of Columbus itself on the up and up, our UHL presence there is as well! Our Ohio team is ready to help you buy the Buckeye state during this period of market growth. Contact them today to get your condo pre-approval started.