– The project is not involved with any litigationĪlthough there are some additional requirements of a Limited Condominium Review, this covers many of the important factors for approval. – The HOA has been turned over to the unit owners – The project is not subject to additional phasing – The project does not consist of manufactured home – The condominium is not an ineligible project (live-work, house boat, timeshare, etc.) For a Limited Review, the lender only needs to confirm the following: A Limited Review is a much easier process than a Full Condominium Review. If a purchaser is putting down 20%, their loan may qualify for a Limited Review of the condominium through a Fannie Mae loan program. If a lender finds too many issues with a condominium, they may be unable or unwilling to provide financing. Condominiums are reviewed for financial strength, overall management and general risk. Many home buyers in the greater Chicago market are surprised to learn that the condo that they are purchasing must go through an approval process similar to the approval process the borrower must go through.
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