Tag Archive for: condos

Condo Concerns? What To Look For

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Things to consider when looking at Condos: 1. Rates are usually higher for condos if the down payment is less than 25%. 2. Concentration Rule. Does one owner own more […]Read More

Property Type and Fico Score Can Significantly Affect Rate

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We recently had a borrower request a verbal rate estimate after telling us her credit was perfect and that she was buying a townhouse/PUD. We estimated her “no points” rate […]Read More

Property Type Affects Pricing; Condos Look Like PUD/Townhouse

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Property types affect pricing and financing – Condo/PUD Distinction: Condos and PUDs (Planned Unit Developments) can look identical but have different zoning and different pricing and financing options. Attached side-by-side […]Read More

Owner Occupancy Ratios for Condo Complexes

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We are still getting questions about required Owner Occupancy ratios in Condo Complexes. At many of our lenders, if the financing is “Owner Occupied”, the owner-occupancy ratio is irrelevant. Again, […]Read More

Question HOA Owner Occ %’s; HOA Not Always Right

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We have an investor buying a condo. Condo complexes need to be over 50% owner occupied for “investor” financing. Owner occupancy ratios are irrelevant for owner-occupied financing. The HOA initially […]Read More

Condos: Owner Occ Ratios; Litigation OK?

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We are repeating a few Condo guidelines again b/c we get asked so often. Owner Occupancy Ratios for Condos are irrelevant if a borrower is an owner-occupant. The condo complex […]Read More

Condo vs. PUD/Townhouse

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We were asked today about the differences in financing in regard to Condos vs PUDs/Townhouses. “PUD” stands for Planned Unit Development. Condo owners do not own the land underneath their […]Read More

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

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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 […]Read More

Condo Owner Occupancy Ratios Irrelevant for Owner-Occupants

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This is a reminder that Condominium Owner-Occupancy Ratios are irrelevant if the person seeking financing intends to occupy the unit she is buying. It is only investors looking for financing […]Read More