Friday, January 20, 2012 - Article by: Don Maher - Universal Capital Mortgage Corp -
HOA litigation contineus to be a deal killer for thousands of home buyers and homeowners accross the country. Any type of litigation, regardless of its size, is prohibited by Fannie Mae.
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 (no paperwork on litigation required)
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: 4.625% APR
Max Loan: $417,000
Investment properties are acceptable at lower LTV's. For more information, log on to www.NonWarrantableCondoLoans.net, or call (800) 736-0565.
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