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Sat, Jun 11, 11 at 22:24
| I've heard that associations have to have a certain amount (percentage, maybe?) in reserves in order for a person to get a mortgage on a condo.
Does anyone here know the requirements? |
Follow-Up Postings:
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- Posted by badgergrrl (My Page) on Sat, Jun 11, 11 at 22:46
| They are usually lender specific, and also can depend on the property and its association fees. Some lenders require larger percentage down payments in addition to larger reserves. |
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| Fannie & Freddie also have rules about what percentage of the units can be rented out vs. owner occupied. A mortgage broker has access to more lenders than a single bank. |
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- Posted by pamghatten (My Page) on Mon, Jun 13, 11 at 12:23
| Fannie, Freddie, FHA, VA, lenders, etc. all have their own vey specific rules when qualifying a condo. You need to speak to a lender or broker to get specific information. |
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