Buying a Condo in Arlington? You have to take what loan you're planning on getting into consideration...

Looking to buy a home? You're probably going to be getting a loan. When looking in the high-rise condominiums in Arlington Virginia, look into the buildings restrictions when it comes to loans. Because many of these condominiums are new, or part of mixed use buildings, some loans are not approved, such as FHA loans, which many first time home buyers prefer. Special loans such as FHA need to be approved for the building. This usually requires the building to be a year old, have a certain owner occupancy percentages, and be approved based on commercial space such as a hotel beneath the condos.

Before you fall in love with a unit, ask a realtor if the building allows the specific loan. There are other options such as spot approvals, etc., but with changing laws and regulations, these can also be quite difficult when trying to get a specific loan.

From experience with clients, look into buildings that fit around your loan guidelines before even checking them out...it can save you what would be wasted time, and a headache.