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refinance

I own an investment property, condo, in Chicago and like to refinance, excellent credit, high income, right LTV. The only problem is HOA Cert. Owner occupancy is low and there is a litigation between the HOA and the builder. Is there any lender who does not need the HOA cert or it has lower priority for the HOA questioner?ThanksSammoebyc@hotmail.com by moebyc_186_416 from San Diego, California. Oct 29th 2012 Reply


William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,726 contributions

Although HARP does not require a condo cert, most lenders will, since HARP does not lend money.. The lender that does will most likely have their own set of guidelines that will require a condo certification.. There might be a lender out there that doesn't, but i would bet that they all will require the condo questioner, and the fact that there is litigation will put a halt to any refinancing until that conflict is resolved... That's the bad news.. The good news is that HARP 2.0 isn't due to expire until December 2013... so you still have more than a year.. Hopefully they can resolve that conflict prior to the expiration of this program.. 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

Oct 29th 2012
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Barb Lanis (BarbLanis)
#71 ranked lender in Illinois - 663 contributions

I am an Illinois Lender. Direct Fannie/Freddie lenders can generally do this on a HARP refinance. Please feel free to contact me so that I can obtain more info regarding the property and the HOA. barb.lanis@1amllc.com

Oct 29th 2012
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Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,240 contributions

Responding to your refinance question, it may be possible if the mortgage was prior to June 1, 2009 and is owned by Fannie May or Freddie Mac. You can check yourself at https://www.knowyouroptions.com/loanlookup orhttps://ww3.freddiemac.com/corporate/ After that the question is what documentation they will require which is determined by the electronic (computer) findings. If the loan was after June 1, 2009 unfortunately you are probably out of luck

Oct 29th 2012
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Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,240 contributions

PS. Your email address entered above does not seem to work

Oct 29th 2012
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Martin Mesa (info_966_586)
#665 ranked lender in California - 18 contributions

It will be tough. Unless the HOA is already approved with the lender they will usually ask for an HOA cert and pending litigation will prevent banks from lending on it.

Oct 29th 2012
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Scott McPherson (ScottMcPherson)
#555 ranked lender in California - 25 contributions

It is my experience with all of our lender partners to request an HOA cert and or HOA questionnaire. I know one lender that sometimes doesn't require an HOA cert but they want a letter from the management company stating no litigation. It also depends on what kind of litigation issues are present between the HOA and the builder. Good luck on this one, could be tough.

Oct 29th 2012
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