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The Power of Good Advice

ORM Blog

Condo Association Troubles

December 4, 2018

 

CHALLENGE: THE CONDO GAME!

 

Currently, people that looking to purchase a condo need to be able to qualify for conventional financing if the condominium association is not FHA approved. Even with the new Fannie 97%  LTV loan available, it has not helped the market as much. People still need to have great credit, plenty of assets, and a low debt-to-income ratio. Without the ability to take advantage of the leniency of the FHA loan, many buyers are out of luck.

 

In order to purchase a condo with an FHA loan, the condo association must be approved by HUD.

 

Statistically, thousands of condos that once had approved status with FHA are no longer approved, this standing was revoked in 2010!!! Condo associations had to reapply. This process is not an easy or inexpensive one, which has left a majority of condo associations unapproved. In turn, this means that sellers are out of luck and buyers are having a hard time finding financing for housing that they can afford.

 

ACCEPTED: One Republic offers Spot Approval!!!​

 

FHA Spot approval is a process of getting one single condo approved for the sake of financing rather than the entire association. The approval process is significantly faster, easier, and more cost effective. This is a complete game changer, for sellers, buyers, agents, and lenders. 

 

 

Our team at One Republic can work directly with you and your buyers to ensure those tough condo deals can close. Call us, email us, visit us online! We are here to help. 

 

 

 

 

 

 

 

 

 

 

 

 

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