Calgarypuck Forums - The Unofficial Calgary Flames Fan Community - View Single Post - Specific Question About Current Condo Unit/Mortgage Application Process

albertGQ · 05-06-2012, 01:40 PM

I would be careful purchasing that condo. If you can only get a mortgage if you went conventional, you may have problems when you try to sell it. First time home buyers will have a hard time coming up with 20% down. And people with a sizable down payment usually buy houses. CMHC does not insure any age restricted condos so they probably didn't know your friend's condo was 18+. I'd probably look elsewhere if I were you. Looks like your condo won't be too marketable when you eventually sell.

05-06-2012, 01:40 PM	#12
albertGQ Franchise Player Join Date: Jan 2004 Exp:	I would be careful purchasing that condo. If you can only get a mortgage if you went conventional, you may have problems when you try to sell it. First time home buyers will have a hard time coming up with 20% down. And people with a sizable down payment usually buy houses. CMHC does not insure any age restricted condos so they probably didn't know your friend's condo was 18+. I'd probably look elsewhere if I were you. Looks like your condo won't be too marketable when you eventually sell.