David discusses the pitfalls that we experience trying to get a FHA loan on condos. Whether it is in Phoenix or Las Vegas there are many problems that can kill the deal. Even if the Condo project is approved on FHA approved list, HOA delinquencies exceeding 10% or Non Owner Occupied greater then 50% will cause problems.
This video breaks down one necessary step to avoid having your Phoenix condo purchase transaction fall apart.
Many condo HOA's have high delinquency levels due to a weakened economy in Phoenix and the greater Phoenix area. Most HOA management teams projected around 10% delinquency rates of these condo complexes association dues at the beginning of 2010. However, the real numbers starting off in 2011 are closer to 25% delinquency rates. Don't let your transaction get too far and become another statistic too late.
About the Author
My name is David Krushinsky and I am a Phoenix mortgage specialist that is truly passionate about my profession and the result is that nearly 100% of my business is by referral from satisfied clients, trusted financial advisors and the most experienced REALTOR®'s in the Phoenix area.
Questions? Call 602.695.7575 or Visit My Website