Condo Updates Webinar

Did you attend our last Condo Changes Luncheon? It was SO GOOD! 

We are thrilled to have the GOAT, Kim Jones, back to chat about the latest Condo Changes you need to know about.

CONDO CHANGES RECAP:

First, you can ALWAYS send us 1. HOA Name. 2. Property Address. 3. Master Policy. 4. # of Units. to see if complex is on our approved list.

ALL Condos will now require a FULL review. More work for Agents, HOA's and Lenders, but goal is to ensure complexes are fiscally responsible and buildings are safe.

Increasing RESERVES! Who remembers when HOA's had to change to 10%? Well... now it's going to 15%.

The thorn in our side lately has been MASTER INSURANCE. As the cost of insurance has risen, it has pushed many policies outside of allowable Fannie Mae and Freddie Mac rules. Sending a copy of the Master Policy to your Lender right away, with # of units in complex, is ALWAYS a GREAT IDEA.

Paperwork, paperwork, paperwork.... the more the merrier in lending, and that is the case with these more detailed project approvals. Don't worry, we have your back and will take the reigns in requesting what is needed.

There will be a lag time in some HOA's getting their reserves, property studies and paperwork in order, which could mean a DECLINE in Conventional Lending. If that happens, we have NON QM lending solutions that may help you save the deal. 

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