Tag Archive for: condo

How To Buy A Condo In California

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If you’re thinking about buying a condo in California, there are a few things you’ll need to know. This blog post will cover the basics of purchasing a condo in the Golden State, from financing options to understanding HOA fees. We’ll also share tips on finding the perfect place to call home. So whether you’re […]Read More

Condo vs. Townhome vs. PUD

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This is another reminder that condos are not distinguishable from PUDs (Planned Unit Development units) by appearance alone. Attached side-by-side two-story units that all touch the ground can be zoned “CONDO” or “PUD.” Complexes with units that “float” (that do not touch the ground) will almost always be zoned condo (PUDs must touch the ground).Read More

DANGER: Non-Warrantable Condos! Financing Options?

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WHAT IS A NON-WARRANTABLE CONDO? A non-warrantable condo is one that does not meet the requirements of most conventional (Fannie, Freddie, and jumbo) lenders, and is thus ineligible for the most competitive financing options. To be “warrantable,” a condo must meet a long series of requirements set out by Fannie, Freddie, and jumbo lenders. I […]Read More

Top 5 Tips for Buying a Condo in Texas

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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

FHA: “Condo Complexes No Longer Have to Be FHA Approved” – Spot Approvals Return!

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About ten years ago “FHA Spot Approvals” went the way of the dodo bird, in that they disappeared. This was devastating to a lot of FHA buyers b/c condos were all that they could afford in their markets and so many condo complexes are NOT FHA approved. Fortunately, however, HUD/FHA will again allow for “Spot […]Read More

New Condo Complexes/Phases Do NOT Have to Be Complete

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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

12 Things To Consider Before Buying A Condo

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Below are twelve things buyers and agents should consider if they plan to finance the purchase of a condo. We remind our clients of these items from time to time because they are so important. Concentration Rule. No single entity/person can own over 20% of the units in the complex. Prior to 2018, the ownership […]Read More

Important Condo Considerations

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Below are twelve things buyers and agents should consider if they plan to finance the purchase of a condo. I repeat these items from time to time b/c they are so important and b/c we continue to add so many people to our blog distribution list. Concentration Rule. No single entity/person can own over 20% […]Read More

How Much Income Do California Borrowers Need To Purchase A House or Condo?

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California borrowers often have questions about what income they need to purchase a house or condo. Lenders use a debt-to-income (DTI) ratio to determine how much income a borrower needs to fund their purchase or qualify for financing. Most lenders in California recommend that borrowers stay within a 45% – 50% DTI limit. Determining How […]Read More

Top 5 Tips for Buying a Condo in California

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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

Condos – Three Numbers To Know

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If you’re looking at a Condo, there are three numbers to know: 1) % of owners delinquent with HOA Dues: Less than 15% of owners must be less than 60 days late. This number is often an issue after market corrections b/c people are more likely to walk away from condos (and stop paying HOA […]Read More

All Questions to Ask When Evaluating Condo Financing/Purchases

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We frequently discuss Owner Occupancy ratio requirements for condos, but there are many other important considerations that need to be addressed up front. The below are questions we ask all buyers and Realtors who are considering a condo purchase. These are all questions that significantly affect condo financing and they need to be known up […]Read More

Condo in Litigation? Not a Deal Killer

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We closed a transaction last week on a condominium with a Homeowners Association (HOA) that was involved in litigation. The litigation had to do with some mold in a building that was not attached to our subject property’s building in the same complex. In any case, if litigation does not involve the structural integrity of […]Read More