Of course, the huge downside of this for a buyer is that, if the development is ineligible, you likely won't be able to get a government-backed loan for the property, and you will have to pay a larger deposit if you choose to get financing another way. If the condo development does not meet eligibility requirements, then no one can get conventional mortgage financing to buy in that development. Lenders use this document, also known as a condo cert or lender's questionnaire, to screen homeowners associations with the same intensity potential buyers and renters face, and they do it because the federally backed financing sources (Fannie Mae and Freddie Mac) require it. In that case, the condo questionnaire will restore your sense of justice. If you've ever been hit with a rigorous condo screening process while trying to buy or rent a condo, you may have wondered why condos delve so deeply into personal information.
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