We are helping clients purchasing ocean side condos more than ever. Our favorite lender has a whole project team that quickly allows us to decipher through budgets, condo questionaire’s. master insurances and structural integrity reports. Sometimes we need to go as far as looking into pending litigation and work in progress.
A Structural Check is More Important than Ever
For 2022, Fannie Mae/Freddie Mac have added additional questions to the questionaire about the quality of construction for the whole building
Full Review vs Limited Review
Gone are the days when every condo demanded a hefty 25% down payment. Nowadays, we’re enabling first-time homebuyers to qualify with as little as 3% down and existing homeowners with just 5% down. Contact us for the most up-to-date list of approved condos in Palm Beach County.
There’s always a caveat. If your down payment is less than 25%, Fannie Mae guidelines mandate a thorough review of the condo association and its budget. This examination ensures there’s no ongoing litigation and that the budget holds sufficient reserves, meeting the guideline of 10% determined by Fannie Mae.
