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Lender rating
Since February 2009
Lender rating
Since January 2009
This is true...I fully expect a seller to claim their product is the best...we also have lemon laws that protect us from used car salesman fibbers...unfortunately I guess for me is that I didn't go into this totally paranoid that everything that was being told to me could be a lie...perhaps I was a bit naive with things coming from the lender marked "truth in lending" and "disclosure"...I thought beyond the obvious my neighborhood is better than theirs claims that there had to be some required truth...especially a claim with ties to a government program. And the lender who was the one who was supposed to apply for the spot approval and fills out all the paperwork for the seller to make good on this claim of obtaining it...wont answer my email questions in regards to anything to do with their obtaining claimed FHA spot site approval...lender told me end of July that lender sent application for site approval mid July (someone else lying)....my agent tells me that lender tells her the paperwork went out toward end of august....lender has ignored my email and I even called her main bank headquarters to leave message...so I now have learned my lesson...sellers lie about everything and lenders help them
Lender rating
Since January 2009
Lender rating
Since January 2009
Cupid if you cannot get condo approval you do not have financing!
You may be credit worthy but the property is not eligible collateral!
Lender rating
Since January 2009
There are reasons that lenders do not want to lend on condo's - they are risky. The problem is that your success and failure are tied to so many other condo owners. If people lose there job, or stop paying the association dues, then your dues will start to go up. If there are assesments, then your costs will continue to rise until you can no longer make your payment. That is what the lenders are worried about.
So, the strength of the condo will be underwriten to see if it meets the guidelines. If the condo does not get approved, then you want no part of it. the supply of condos in certain parts of the country is astounding. Read you contract, talk to an attorny, and make the decision that is best for you.
Run....
Featured Rates are based on state rates for 30 year fixed loans and are valid for the date shown, but they may change without notice. They are for consumers with a credit rating of 720 or higher and a 20% or higher down payment. Rate, terms, pre-paid finance charges, and APR may vary based on factors such as creditworthiness of the applicant(s), self employment status of the applicant(s), condo or townhouse structure, loan amount, and geographic location of the property.
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condo site not FHA approved- gambling on approval
cupidslj
Contributions: 5
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I was told by a builder in June that they could get spot approval for FHA easy breezy. Faxed mortgage app in June. Still waiting. The builder said in June that 43% of the condos were sold at that time. I know learn that they needed to sell more units in order for there to be a chance they were approved. I feel this should have been disclosed to me at the sales contract signing? Any opinions??
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