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For HARP refinance, is there a lender out there that can overlook HOA delinquency rates higher than 20%?

by behdad_812_850 from Seattle, Washington. Mar 27th 2013 Reply


William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,728 contributions

That's a tough one.. There's a lot more info necessary to answer your question, but in general, if a HOA has a high delinquency rate, then that's a HUGE red flag... it's this very reason why Fannie Mae requires a condo cert/questioner.. I'm not sure if there is a go around on this issue.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. 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

Mar 27th 2013
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Steven Cook (stcookmortgage@gmail.com)
#38 ranked lender in Washington - 256 contributions

As I mentioned in my answer yesterday, we can do that kind of HARP loan, beginning next week. We have brought the process in house, so we don't have to deal with the lender overlays that would otherwise create problems for such a situation. Contact me, and we can get the process started for you.

Mar 28th 2013
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Bert Carpenter (BertCarpenter)
#1 ranked lender in Arizona - 2,144 contributions

It sounds like Steven Cook has a solution for you. Connect with him. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ Licensed in California and Arizona ~ www.LoansA2z.com 888-889-9950

Mar 29th 2013
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Ray Lewis (RayLewis)
#0 ranked lender in Texas - 35 contributions

Are you talking about HOA for a Condo association, or a regular home in a subdivision?

Mar 27th 2013
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Doug Gallagher (Douglas)
#833 ranked lender in California - 7 contributions

William summed up very well. This raises a huge red flag. Would need to know more about the situation to give a good answer. I do loans in WA, call me at 951-294-8392.

Mar 27th 2013
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Peter Savino (855411LEND)
#100 ranked lender in New Jersey - 332 contributions

That is going to be very hard to find, there are very strong rules in place for such delinquencies.

Mar 27th 2013
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Dave Metsker (DaveMetsker)
#36 ranked lender in Oregon - 2,318 contributions

Difficult challenge.

Mar 27th 2013
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Steven Cook (stcookmortgage@gmail.com)
#38 ranked lender in Washington - 256 contributions

Hello,We just received new information on our internal HARP programs today, that will take effect early next week. Under these conditions, it appears that we would be able to assist in this process next week. Please contact me on Tuesday, April 2 -- by email response to this, or by calling me at 253-874-1111 at our Federal Way office. Thank you,Steven CookMLO #293441

Mar 27th 2013
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Thanks for all the information. It is an unfortunate situation where borrowers with good history find their hands tied because of circumstances out of their control. The property is a condo in a complex with ~ 180 units. It is in Washington State. The condo conversion happened around 2006 and that's why so many of the owners went into red quickly when the prices started dropping soon after the conversion and that caused in turn the disproportionate foreclosures and delinquencies. Otherwise, the units are in a good area and in good condition. Our HOA is solvent, but this situation with lenders not lending definitely is not helping the situation (for neither the current lenders nor the owners). Is condo certification required by HARP? I thought HARP didn't have such requirements but banks did. Please let me know what specific information is needed if you think you could help. Thank you!

Mar 27th 2013
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