Buying A Condo? Ask These 10 Questions Before Buying A Condo.

Reblogger
Mortgage and Lending with Guaranteed Rate NMLS# 2611 NMLS #151088

Here is a great list Condo questions from a fellow Prospect Mortgage loan officer.  Condo financing can be tricky in today's market.  Having a knowledgeable loan officer is critical to a successful closing. 

 

 

Original content by Ridhi Raheja

 

If you are buying a condo, ask these 10 questions before you sign on the dotted line . Condos are hard to finance these days, as I am sure you have heard that and lot of times borrowers would have spent the funds on the appraisal, inspection and made a loan application just to find out after 3-4 weeks that condo cannot be approved and they will not be able to secure financing on that home .



My suggestion is to avoid all these heartaches and stress and ask some important questions before buying a condo.


 

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The best resource is to ask your Realtor , of the listing agent to help you out with these answers .

 

Here are the questions :

1.      Is the project complete? The answer should be yes, if not at least the phase you are buying should be complete.

2.      Are all common areas in the project complete? The answer should be yes.

3.     How many units are in the project?

4.     How many owner occupied? The owner occupied units should be at least 51%.

5.     Is there any pending litigation against the project? The answer should be no.

6.      How much money is in the Reserve fund? Reserve fund should have at least 10% of the annual budget.

7.     Is the HOA been turned over to the homeowners? The answer should be yes.

8.     How many units are delinquent on their HOA dues? The answer is no more than 15%.

9.     Are there any special assessments? If yes, it can change your total payment.

10. Another thing to ask is if the project is FHA approved , if it, chances are it is going to be simple to get approved for FNMA, VA loans also.

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so don’t be sad, ask the right questions and become a proud owner of a condo. It can be done .

 

 Please contact us for any questions or concerns about condo financing .   

 

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It is always advisable to consult with a knowledgeable lending professional when navigating today's turbulent mortgage and real estate marketplace.  I am committed, qualified and equipped to help you evaluate your options!

 

Also check out:

Conventional Financing Mortgage Program Overview/Updates

FHA Financing Mortgage Program Overview/Updates

USDA Financing Mortgage Program Updates  

 

Programs Include:

 

  • Conventional (Fannie Mae & Freddie Mac)

  • FHA, USDA, & VA

  • Jumbo to $3,000,000

  • Bank Statement Program for Self-Employed Borrowers

  • Foreign National Program

  • Investor Cash Flow

  • Non-Warrantable Condos

  • Renovation - FHA 203(k), Fannie Mae HomeStyle Renovation, & VA Renovation

 

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  • Rodney Mason is a Licensed Branch Manager located in Atlanta, GA.   He can be reached at (404) 591-2453.
  • Providing financing for all cities across Georgia including: Acworth, Albany, Alpharetta, Athens, Atlanta, Augusta, Austell, Avondale Estates, Blairsville, Bloomingdale, Blue Ridge, Bogart, Brunswick, Buckhead, Buford, Canton, Carrollton, Cartersville, Chatsworth, Clayton, College Park, Columbus, Commerce, Conyers, Covington, Cumming, Dahlonega,  Dacula, Dalton, Dawsonville, Decatur, Doraville, Douglasville, Duluth, Dunwoody, East Point, Fayetteville, Flowery Branch, Gainesville, Greensboro, Hampton,  Hapeville, Hinesville, Hiram, Jackson, Jefferson, Jonesboro, Kennesaw, Lagrange, Lawrenceville, Lilburn, Lithia Springs, Macon, Madison, Metter, Morganton, Morrow, Newnan, Norcross, Oakwood, Peachtree City, Pooler, Richmond Hill, Riverdale, Rome, Roswell, Sandy Springs, Savannah, Scottdale, Statesboro, Stockbridge, Stone Mountain, St Marys, Sugar Hill, Suwanee, Thomasville, Thunderbolt, Tucker, Tybee Island, Valdosta, Waleska, Warner Robins, Waycross, Wilmington Island, Winder, Woodstock, and many more.

    Providing financing for all cities across Alabama including:
    Alabama Port, Anniston, Athens, Auburn, Bessemer, Birmingham, Boaz, Bridgeport, Cedar Bluff, Chickasaw, Clayton, Coden, Dauphin Island, Decatur, Dothan, Eufaula, Fairfield, Fairhope, Florence, Foley, Forestdale, Fort Morgan, Fort Payne,Gasden, Grand Bay, Gulf Shores, Heron Bay, Homewood, Hoover, Jasper, Josephine, Madison, Meadowbrook, Midfield, Mobile, Mon Louis, New Hope, Orange Beach, Oxford, Oyster Bay, Phenix City, Prichard, Rainbow City, Saraland, Satsuma, Scottsboro, Selma, Troy, Theodore, Tillmans Corner, Trussville, Tuscaloosa, Vestavia Hills, Warrior and many more.

  •  
  • Providing financing for all cities across Florida including: Altamonte Springs, Atlantic Beach, Boca Raton, Bradenton, Cape Coral, Clearwater, Coral Springs, Daytona Beach, Delray Beach, Destin, Fort Lauderdale, Fort Myers, Fort Walton Beach, Gainesville, Hollywood, Homestead, Jacksonville, Jupiter, Key Largo, Key West, Lake City, Largo, Marathon, Mexico Beach, Miami, Naples, New Smyra Beach, Ocala, Orlando, Palm Coast, Panama City Beach, Pensacola, Pompano Beach, Port St Joe, Sanibel Island, Sanford, Sarasota, St Augustine, St Petersburg, Tallahassee, Tampa, Vero Beach, West Palm Beach, & Winter Park, and many more.

 

  • Providing financing for all cities across South Carolina including: Aiken, Anderson, Beaufort, Bluffton, Charleston, Columbia, Conway, Edisto Island, Florence, Greenville, Hilton Head, Johns Island, Myrtle Beach, North Augusta, Orangeburg, Rock, Hill, Spartanburg, Sullivans Island, Summerville, and many more.  
  •   

    Providing financing for all cities across Tennessee including: Athens, Brentwood, Bristol, Chattanooga, Clarksville, Cleveland, Cookeville, Dyersburg, Franklin, Gatlinburg, Greeneville, Johnson City, Kingsport, Knoxville, Maryville, Memphis, Morristown, Murfreesboro, Nashville, Newport, Oak Ridge, Pigeon Forge, Sevierville, and many more

 

All mortgage lending guidelines are accurate at time of post, but are subject to change without notice.  Please call for the most current information.

    

           

Comments (3)

Donna Yates
BHGRE - Metro Brokers - Blue Ridge, GA
Blue Ridge Mountains

Rodney: Very good tips that I plan to keep handy as a reference. Are you doing any HARP re-fi's?

Apr 25, 2012 12:19 AM
Rodney Mason
Guaranteed Rate NMLS# 2611 - Atlanta, GA
VP of Mortgage Lending - AL, FL, GA, SC, & TN

Donna....We sure are doing HARP Refis.

Apr 25, 2012 01:39 AM
Lynn B. Friedman CRS Atlanta, GA 404-939-2727
Atlanta Homes ODAT Realty - Love our Great City - Love our Clients! Buckhead - Midtown - Westside - Atlanta, GA
Concierge Service for Our Atlanta Sellers & Buyers

Dear Rodney,

Coming to one of your posts or re-blogs is always a chance to learn something valuable!

Have a happy weekend -
Lynn

Jun 09, 2012 05:03 PM