Tag Archive for: condo

Markets Over Emotions; ADU’s Need To Be Permitted If Using Income; HOA Dues Whack Purchase Power!

/in , ,
I woke up certain today that rates would be 1/4% HIGHER. I was very wrong. Oil prices are only a tad higher, and interest rates are holding, as investors clearly seem to think the ceasefire will hold. Read More

How To Buy A Condo In Illinois

/in ,
If you’re thinking about buying a condo in Illinois, there are a few things you’ll need to know. This blog post will cover the basics of purchasing a condo in Chicago, from financing options to understanding HOA fees.Read More

What Agents Should Do First Before Listing Or Offering On A Condo

/in ,
This Is the First Thing Every Agent Should Do Before Listing or Offering on a Condo: Make sure the complex/HOA is “warrantable” or approved for financing by Fannie Mae and/or Freddie Mac.Read More

10 Things First-Time Buyers Should Know

/in ,
We hired a full-time condo expert away from Chase Bank, and he does nothing but help us analyze condo projects for eligibility and financing options.Read More

More Mortgage Concepts Every Agent Should Know

/in ,
There are three primary channels through which borrowers can obtain mortgage loans: (1) commercial banks and credit unions; (2) mortgage banks; and (3) mortgage brokers. Commercial banks like Chase and Wells Fargo hold deposits, offer checking accounts, make commercial loans (and do all traditional “banking” activities) as well as offer mortgage loans. They also hold loans in their portfolios.Read More

Can’t Waive Contingencies For Condos – Or Give Fast Answers

/in ,
In December, I wrote these two blogs: Can’t Waive Contingencies For Condos and Have A Condo Listing? What Listing Agents Can Do To Ensure Faster Closes & More Marketability  I […]Read More

This Is Huge: FHA Spot Approvals Work For Non-Warrantable Condos

/in ,
Not all non-warrantable condos are eligible for alternative financing, but if there is a way to finance them – JVM will find it. In any case, we have discovered that FHA is (shockingly) often much more flexible than Fannie and Freddie when it comes to approving condominiums for financing.Read More

Have A Condo Listing? What Listing Agents Can Do To Ensure Faster Closes & More Marketability

/in ,
No matter how strong a borrower is, lenders will often recommend not waiving contingencies if the borrower is buying a condo. This is because lenders need to ensure that the condo complex is “warrantable” – or compliant with the criteria set forth by Fannie Mae, Freddie Mac, or similar entities to make the condo eligible for financing.Read More

We’re Seeing More Non-Warrantable Condos Than Ever Before

/in ,
After the 2008 Great Financial Crisis, we saw an enormous number of non-warrantable condos. The biggest issues then were HOA (Homeowners Association) dues delinquencies and under-funded HOAs in general, as […]Read More

Non-Warrantable Condo Financing; 3 Reasons We’ll See Lower Rates After Election

/in ,
Interest rates went UP the last time Trump was elected because of expectations that spending would increase and/or that the economy would grow faster. I suspect we are seeing the same effect this time before the election because the betting markets believe Trump will win with more certainty than before. Read More

Health and Safety Issues Delay & Kill Deals!

/in ,
Health and safety issues are often very similar to structural issues, and they often overlap each other. The problem is that once they are called out, lenders won’t lend against a property until the health and safety issue is addressed.Read More

WARNING: Condo Delays; Blame Canada! Or “Big HOA”

/in ,
Thanks to "Big HOA," lenders have to pay as much as $800 to get HOA documents and info – which they need for nearly every condo loan, but all that Big HOA does for those large fees though is send over a PDF with all the documents.Read More

HOA Dues Offset Single-Family Purchasing Power; But – How Much?

/in ,
The garbage disposal in our office broke a few years ago, and the millennials and zoomers in our office ran around in utter confusion for days… until a boomer showed […]Read More

Non-Warrantable Condo Financing; Rules For Condos

/in , ,
We have been getting an unusually large number of non-warrantable condos lately. There is much confusion about them, so I thought a blog about them would be helpful. A non-warrantable condo is a unit that is not eligible for conventional or FHA financing because the complex fails to meet the requirements set by Fannie Mae, Freddie Mac, FHA and most jumbo lenders.Read More