Having loan approval issues while under contract

I might be able to. Reach out to me directly.

There are several area's on the "condo questionnaire" that look troubling to a lender.. low reserves and delinquencies..This could be a tell/tale sign of poor managment.. FNMA and Freddie Mac both require that the amount of owners delinquent not be greater tha 15%. Thisis a deal breaker for conventional, but it's so close that you might want to go back to the assocation and ask them to inform you as soon as the rate drops below 15%.. This is critical for the association as well as you.. since no one can get conforming financing on that develpement if the deliquency is over 15%.. Outside of "Conforming" loans, there are lenders who will do "non-warrantable" condos.. these are condo project that do not meet conforming (fannie/freddie) guidelines.. These programs often have higher interest rates, larger down payment requirements and higher fees.. Something to consider.. if you are having a hard time buying this unit, and assuming that the association continues in the same mananer and the project is bounding in and out of approvalblity.. then think of what you will expereience if you are able to buy now but try to sell in the future.. the hoops you are jumbing trhough will be the same hoops that your potential buyer in the future will have to jump through.. I'm a preferred Lender with California and Arizona being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com NMLS# 226347 / RPM Mortgage NMLS 1541014 / AZMB0121893

Hello intentvrc476 has this been settled? if not I can help but will need the Condo Questionnaire (if you have it can get it) or I can send you one to be completed. Brian G. Allen Sr. Mortgage Banker NMLS # 187055 NMLS ID 181623175 Admiral Cochrane DriveAnnapolis, MD. 21401ballen@heritagefinancial.com Cell: 240-750-8315 Fax: 888-780-0677

Maybe... Most standard loans (Fannie Mae, Freddie Mac, FHA, VA) have strict rules when it comes to condo and town home associations. There are some non-conforming or portfolio loans that may not even look at this issue. But remember, the reason we have these guidelines is because we think it is not wise to lend to someone on a poorly managed association. Should give you pause about buying in there too.