Condominium Requirements Tightening in a Down Turn Market Environment

Post date: Oct 28, 2010 10:2:32 PM

I just want to share something with you in regards to CONDOMINIUMS.    Recently, we’ve been noticing that many condo projects DO NOT meet investor condo requirements and many Condo files are not funding due to this reason.  To avoid such results, check with HOA or agent if your property meets investor requirements.  You should ask for HOA cert upfront or contact HOA directly to get minimum information.  Please see below requirements. 

CONDOMINIUM PROJECT

▪ Occupancy Rate: At least 51%

▪ Delinquencies: No more than 15% of total units.

▪ No single entity may own more than 10% of total units.

▪ No more than 20% commercial/non-residential usage in a project.

▪ Pending / current litigation is NOT acceptable.  

Therefore, please check ahead and save time. Measure twice, Cut onceJ

Massey (949) 207-7483