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The primary negatives for condos for loan qualification are:1. Owner Occupied / Renter percentages2. Amount of HOA dues in arrears3. Litigation4. Loan-to-Value5. High GSE Loan Adjustment FeesHappy funding, Rudi
There are many negative factors that you must consider prior to your refiancing to a cash out- 1st and foremost is the loan to value- Since you indicate your current equity is 60%, I will assume you will want to go to an 80% Cash Out Refi to get yourself a decent amount of money. That being said the Fannie Mae has many hits due to credit score, LTV, type of loan and unit being a condo.The approximate PAR rate (you will need to pay points) for a 30 year fixed will be 5.625%.The 5 Year Interest Only ARM will be around 5.00% with Points as well.The 7 Year Interest Only ARM will be around 5.25% with Points as well.The 10 Year Interest Only ARM will be around 5.50% with Points as well.
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For Sale: $139,900
For Sale: $83,900
For Sale: $869,000