R.H. from Wisconsin writes: Dear Mister Condo, I am president of a condo association. Currently we have 11 existing buildings that are occupied (2 units per building). There still are 7 more buildings that will be built in the coming years. We basically have 58% of the project built and completed. I understand that you…
Search Results for: mortgage
Lack of Condo FHA Certification Prevents Mortgage Approval
T.S. from Virginia writes: Dear Mister Condo, I am trying to sell my condo townhouse that I have owned for many years. I found a buyer and accepted his offer. Right before closing the lender said that they could not complete the mortgage for the buyer because the condo HOA is not FHA compliant. I…
Condo Board Request Unit Owner Mortgage Loan Info
B.S. from Massachusetts writes: Dear Mister Condo, I just received an email from the condo association saying all unit owners have to provide the name of the bank and the mortgage number back to them. Isn’t my mortgage number personal info? Do I have to give it to them? Mister Condo replies: B.S., your mortgage…
Planned Unit Development Delinquency Rate Effect on Mortgage
B.T. from outside of Connecticut writes: Dear Mister Condo, My clients live in an attached Planned Unit Development (PUD) complex; they are refinancing their home using and FHA-backed mortgage. There are only 9 units in the complex. Does the 15% delinquency rate apply? 2 of the units are late making the rate 22%. Mister Condo…