I own an investment property in Baltimore, MD, that I want to refinance. It's a condo. The condo association that manages the property, however, does not have Fidelity Bond Insurance. I've heard that lenders won't refinance such a property without this insurance. Is this true? by gregderrickson445 from Baltimore, Maryland. Aug 11th 2010
Brett is correct. I am located in the Baltimore area. As long as the condo association has a blanket insurance policy with a minimum coverage of 1 million. You will be fine. Please feel free to contact me, if you need further assistance. We do alot of investment properties.
Sometimes the requirements vary from state to state on these. But, I haven't heard of anything requiring Fidelity Bond Insurance; in my area, however, the HOA must have a blanket hazard insurance policy at least covering the structure of the building. Go to the Find a Lender Tab and look for a good local lender to help you out; they'll probably be able to answer that question quickly, and tell you what needs to happen to refinance.
Hi Greg. Freedom Mortgage is a Direct Lender and funds loans every month in Maryland and all 50 states. As long as the association has a blank policy with a minimum coverage of 1 Million, you should be fine. Please email me so that I may process your application and fund your loan quickly. adennie@fmbranch.com
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