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 in which every condo needed 25% down. Nowadays we are qualifying first time home buyers with as little as 3% down. Existing home owners with as little as 5% down. Call us for the latest list of approved condos in Palm Beach County.
There’s always a catch. If you are putting less than 25% down , Fannie Mae guidelines require a full review of the condo association and budget. They need to make sure there is no pending litigation and there are enough reserves in the budget to meet the guideline of 10%.