New Construction Condo Unit Mortgage Loan

[Hae Sun Yi]

I recently put an offer to a new construction unit in the West Town area in Chicago and I am in a stage of negotiation. It is a three units building and the builder says the delivery will be in 30-45days. I put an offer to unit #2 (80% done), and the other units #3 and #1 are still under construction and aren't sold yet.

In this case, how does the lender appraise the unit? Does the lender need to appraise the whole building or the unit that I will buy? Does that make me get a bad mortgage rate? Would being a first buyer out of three-unit building be a bad idea?