Condo Loans…Whats Up With That? Solution…

By
Real Estate Broker/Owner with Eagle Realty

I just got an interesting email from our friends at Crescent bank here in North Myrtle Beach. When it comes to condo buying and selling, Eagle Realty is your #1 source for deals in north myrtle beach. (www.EagleRealtySC.com )But, for the past year or more it has been impossible it seems to get pas the HOA questionnaire that tends to "kill deals". Now this is not the end all solution to the BIG problem, but it is a step in the right direction. Check it out below...

Adam Crescent Bank
Adam Crescent Bank

INSTANT online mortgage approvals, www.crescentmortgagegroup.com/adam  

CONVENTIONAL CONDO FINANCING WITH NO HOA QUESTIONNAIRE REQUIRED.......DETAILS BELOW....

I have been closing conventional condos with our limited review program.

I'm sure you're aware if you've had to get a condo questionnaire filled out by an HOA, it typically KILLS your deal. Most lenders do not have this option anymore.

As long as your buyers put 20% down on a primary residence or 25% down on a second home (no limited review on investment property, full condo docs required on investment) I DO NOT REQUIRE A FULL CONDO QUESTIONNAIRE. Your buyers can get conventional 30 year fixed money, just like they were buying a single family home. This does not apply to any oceanfront condo units (see ineligible details at end of email, Exhibit A). I have a separate non-conventional loan for condotels.

REQUIREMENTS:

All units and common elements are to be fully completed and not subject to any additional phasing or additions
At least 90% of the total units in the project have been conveyed to the unit purchaser other than the developer
The unit owners control the HOA
No litigation concerning structural soundness of condo

(NEW FOR 2010) A certification from an officer of the Home Owner's Association stating the current budget is sufficient to cover appropriate assessments and manage the project, no more than 15% of the total units in the project are over 30 days delinquent, a reserve of 10% of the operating budget has been established and adequate funding for insurance is established.

Adam Paskanik | Mortgage Specialist | Crescent Bank | (p) 843-315-0273 | (f) 843-315-0275 | www.crescentmortgagegroup.com/adam

Have a nice bank

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