Tuesday, April 19, 2011 - Article by: Don Maher - Universal Capital Mortgage Corp -
HOA litigation has been a deal killer for thousands of home buyers and homeowners accross the country. Whether its the HOA suing a contractor for 5 million dollars, or a homeowner suing the HOA because of a roof leak, Fannie Mae guidelines prohibit HOA litigation.
Thankfully, there are portfolio lenders who can look past the litigation and fund loans based on the merits of the bororwer. We continue to offer loans for condos with the following issues:
HOA is in litigation
Complex has a HOA default ratio in excess of 15%
Complex has a low owner occupancy ratio
Guidelines are as follows:
Occupancy: Owner occupied, 2nd home
DT: 45% max
Term: 30 year
Rate: 5.39% APR
Max Loan: $417,000
No investment properties or complexes with 10 or less units allowed. For more information, log on to www.NonWarrantableCondoLoans.net, or call (800) 736-0565.
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