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UID:10001961-1792404000-1792407600@southbayaor.com
SUMMARY:South Bay Condo Financing: What REALTORS Need to Know
DESCRIPTION:Give Realtors a practical understanding of condo financing and the project issues that can affect Conventional\, FHA and VA loan eligibility\, with special attention to South Bay properties\, balconies\, HOA requirements\, insurance\, and project condition. \n\n Why Condo Financing Is Different\n\n\nFinancing the borrower and reviewing the condominium project\nWhy a well-qualified buyer can still have a condo financing problem\nWarrantable vs. non-warrantable condos\nWhat Realtors should investigate before writing or accepting an offer\n\n\n Conventional Condo Financing — Fannie Mae & Freddie Mac\n\n\nLimited review vs. full project review\nOwner occupancy and investment concentration\nHOA financials and reserves\nHOA delinquency issues\nMaster insurance requirements\nSpecial assessments\nPending litigation\nCommercial space and mixed-use projects\nInvestor concentration\nNew construction vs. established projects\n\n\n Balconies\, Decks & Structural Issues\n\n\nCalifornia balcony/elevated-element inspections\nWhat happens when an HOA inspection identifies required repairs\nDeferred maintenance and structural safety\nEngineering reports\nSpecial assessments used to fund repairs\nWhen repairs can affect Fannie/Freddie eligibility\nDocuments a lender may request\nWhy agents should investigate these issues before escrow\n\n\n FHA Financing for Condos\n\n\nChecking whether a project is already FHA approved\nWhat happens when it isn’t\nFHA Single-Unit Approval (SUA)\nHUD Form 9991\nBasic SUA eligibility requirements\nFHA concentration limits\nOwner occupancy\nHOA delinquencies\nBudget/reserve review\nInsurance\nSpecial assessments and litigation\nHow to finance one FHA condo without obtaining FHA approval for the entire project\n\n\n VA Condo Financing\n\n\nHow VA condo approval differs from FHA\nChecking VA project status\nWhat happens when a project isn’t VA approved\nGetting a condominium project submitted for VA approval\nReal-world South Bay/Redondo Beach example\n\n\n Insurance — The Growing Condo Financing Problem\n\n\nHOA master policy\nIndividual HO-6 coverage\nDeductibles\nReplacement-cost coverage\nFlood insurance when applicable\nWhat happens when the HOA’s insurance doesn’t satisfy lender requirements\n\n\n The HOA Questionnaire\n\n\nWhat lenders are actually looking for\nDocuments the HOA/property manager provides\nRed flags that can stop financing\nWhy getting the questionnaire early matters\n\n\n The Realtor’s Pre-Offer Condo Checklist\nBefore writing the offer:\n\n\nConventional\, FHA or VA?\nIs FHA/VA approval already in place?\nAny balcony or structural inspections?\nOutstanding repairs?\nSpecial assessments?\nLitigation?\nInsurance problems?\nHOA financial/reserve concerns?\nAny known financing problems with recent sales in the complex?\n\n\n When the Condo Doesn’t Qualify\n\n\nConventional alternatives\nNon-warrantable condo financing\nPortfolio lending\nLarger down-payment options\nWhen the problem can be corrected\nWhen changing lenders won’t solve the underlying project problem\n\n\n Real South Bay Deal Scenarios + Q&A\n\n\nFHA buyer / non-FHA-approved building\nVA buyer / non-VA-approved project\nBalcony inspection with required repairs\nHOA special assessment\nInsurance deficiency\nConventional buyer in a non-warrantable project\nHow the lender and Realtor can identify the problem before it costs the transaction
URL:https://southbayaor.com/event/south-bay-condo-financing-what-realtors-need-to-know/
LOCATION:Via Zoom
CATEGORIES:Education
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