condo vs SFR interest rate difference

[thezeb00]

Hello Folks,
It appears that mortgage interest rate for a condos is higher than SFR. Is there any guideline how higher it could be compared to SFR. Our is detached Condo, but it's not SFR

 

[usctrojancpa]

There is a fee adjustment for a condo (attached or detached) if your LTV is above 75%...I believe it's .75pts.  There is also a general price adjustment of having an LTV from 75.01% to 80% of .25pts.  So if you put 25%+ down then the rate on a detached condo and a traditional SFR should be the same.

 

[sgip]

Most of the price differences between Fannie Mae and Freddie Mac loans have gone away in the past 12 months. For years Fannie Mae did not add a price hit for detached condos, but Freddie Mac loans did. Today, the policies are aligned so that if the property is an attached condo, 20% down, it's .75 higher in fee. If the property is a detached condo, 20% down, there isn't a price hit.

Jumbo loan products vary so if you're looking at a unique bank product, not Agency paper, it's hard to tell what the true price might be when comparing attached vs detached pricing.

My .02c