“I hear it’s hard to get financing on a condo. Is this true?”
A: It is challenging to get condo financing in our market,. Here are the three questions you want to ask the seller or his Homeowner’s Association. Any one of these will make the loan challenging:
1) Is there litigation in the development? If yes, lending is difficult.
2) What % of homeowners are delinquent on the HOA dues? If more than 15%, lending is difficult.
3) How many investors own units in the complex? If more than 50%, lending can be difficult.
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