COVID-19 Updates and Forbearance Info

As a designated “essential business,” JVM Lending is open and funding mortgage loans during the COVID-19 crisis. Most types of mortgage financing remain available for qualified borrowers. If you are looking for information relating to payment forbearance, please see JVM's Forbearance Resource Center.


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

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

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

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

Condo vs. Townhome vs. PUD

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

Important Condo Considerations

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?

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

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

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

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

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

Skip Condo Because High HOA Dues Can Buy More House; $100 = $20,000

We recently had a buyer make an offer on a small CONDO with $470 of HOA dues. Sky-high HOA dues are not uncommon, as they seem to be climbing everywhere. The problem is that high HOA dues often make properties unaffordable for our clients. $100 of HOA Dues translate to about $20,000 more purchasing power […]Read More

Looks Like a Townhouse but It’s a Condo

When a “Town House” is a “Condo”: We worked on a Town House purchase yesterday for quite some time. The property was a standard, two-story, attached row-house with a small front and back yard. We presumed it was a PUD or Town Home. Unfortunately, when we finally looked at the prelim, it turned out to […]Read More

What to Watch for When Bidding on a CONDO? Flood Insurance

Congress recently extended funding to FEMA, restoring the availability of Flood Insurance. Transactions in need of flood insurance have been for on hold for the last 2 weeks across the country because Congress “forgot” to fund FEMA before their Spring recess. When bidding on a Condo, there are numerous criteria to check (Complex FHA approved? […]Read More