If you are considering purchasing a condominium, allow extra time for the mortgage lender to verify the condo complex is approved by Fannie or Freddie regulatory agencies.
Reason:
Condo Home Owners Associations (HOA) are required to meet strict requirements by our government agencies, Fannie Mae and Freddie Mac. After a 12-story Surfside condo partially collapsed without warning in 2021, killing 98 people, new regulations were rushed into place to require all condo developments over 30 years old to undergo inspections, address critical issues and build up reserve funds.
Solution:
- Request a 30-day close, minimum, unless the seller is able to prove the HOA meets all current requirements.
- Ask your realtor if they have experience with condos and the current requirements.
- Request answers to the condo questionnaire ASAP.
- Be prepared if the condo is non-warrantable, by asking your lender if they have loan options for this type of loan. Not all lenders offer this program and rates can be a wide range.
Call Dan the Man for Mortgages at 714-310-4162 for the BEST non-warrantable condo lender and rates, usually better by .75% or more versus the average lender.
Recent review on Google:
“Dan Stone was able to connect me with a lender for an off-grid construction loan. I had no luck finding this through the usual Google/Yelp/ChatGPT searches without turning to hard money.” -Mitchel L.
“Dan Stone was able to connect me with a lender for an off-grid construction loan. I had no luck finding this through the usual Google/Yelp/ChatGPT searches without turning to hard money.” -Mitchel L.