Tag Archive for: condo financing

Mortgage Reminders: My Inconsistent Fed Comments; Rent Backs; Owner Occ Ratios; Attached PUDs/Townhomes; 12 Condo Considerations

/in ,
Here are a few random reminders. Powerless Fed Vs. Inflation-Causing Fed. In response to my recent blog about the Fed being “Powerless,” I got this comical point from an agent I really enjoy hearing from: “I know they say that great minds can hold contrary thoughts with ease, but how do you square a powerless Fed […]Read More

Condos Not Always “Cheaper” Than Single-Family Residences; Condo Questions To Ask

/in ,
I read recently that the median single-family home price in Marin County, California is almost $500,000 more than the median condo price. So, condos are way cheaper, right? Not always, and here’s why. HOA DUES HOA dues are significantly higher nowadays for a variety of reasons (more liabilities; more maintenance needs for older buildings; more […]Read More

Top 5 Tips for Buying a Condo in Texas

/in ,
Condos are an excellent option for buyers looking to upgrade to a larger single-family residence without all the upkeep of a detached home. These are our top five tips for Texas buyers interested in buying a condo in Texas: 1. Get pre-approved for a mortgage. Unless Texas buyers are planning to buy a condo with […]Read More

No Bubble Here; FHA Condo Spot Approvals

/in , ,
FHA CONDO SPOT APPROVALS ARE BACK STARTING TOMORROW Starting tomorrow, an entire condominium complex will no longer need to be “FHA Approved” for a buyer to use FHA financing to purchase a unit within the complex. Buyers can now obtain what is called a “Spot Approval” to get just get a single unit “FHA approved.” […]Read More

More Condo Reminders – Non QM; Owner Occ Ratios; Condo vs. Townhome; 12 Considerations

/in ,
Below are a few more reminders for condo buyers. Non-QM Loans for Condos There is a condo complex near our office that is still 25% owned by the developer. This is a deal-killer for Fannie, Freddie, FHA and Jumbo lenders. But, we have a Non-QM investor that has no issue with this. So, this is […]Read More

New Condo Complexes/Phases Do NOT Have to Be Complete

/in ,
Many loan officers and real estate agents mistakenly believe that condo projects and/or phases within a project must be complete before units within them are eligible for mortgage financing. We, however, have an investor that offers new construction condo financing as long as only the building containing the unit is complete. Again – neither the […]Read More

Top 5 Tips for Buying a Condo in California

/in
Condos are an excellent option for buyers looking to upgrade to a larger single-family residence without all the upkeep of a detached home. These are our top five tips for buyers looking to buy a condo in California: 1. Get pre-approved for a mortgage. Unless buyers are planning to pay for their condo with all […]Read More

A Few Things to Know When It Comes to Condo Financing

/in
Fannie Mae recently loosened their condo guidelines. So, we thought this was a good excuse to share a few condo reminders: A FEW THINGS TO KNOW WHEN IT COMES TO CONDO FINANCING 1. Concentration Rule. No single entity can own over 20% of the units in the complex. It used to be limited to 10%. […]Read More

Condo Owner Occupancy Ratios Re-Visited; 2 to 4 Units – All But One

/in ,
We had many questions on Monday about Owner Occupancy Ratios and condos, so we want to reiterate this: If a buyer intends to occupy a condo, his financing will not be affected by the owner occupancy ratio. This is the case no matter how low the occupancy ratio might be. The occupancy ratio will not […]Read More

Condos in Litigation; Sometimes OK; Options

/in ,
We have a condo purchase with an HOA that is in litigation. The litigation involves an owner of a unit in a building separate from our building suing the HOA for mold issues; she is looking for $500,000 in damages. The lender reviewed the legal documents and allowed Fannie Mae financing to go through. The […]Read More