Prior To Making An Offer On A Condo A Due Diligence Must Be Performed By The Realtor:
- Obtain 2019 “APPROVED” Condo Budget
- Obtain 2019 Balance Sheet
- Have The Loan Officer Evaluated The Documents?
Find Out If Possible If There Is A Pending Litigation With The Condo:
- If It Is Against De Condo STOP
- If It Is In Favor Obtain A Copy Of The Complaint With Apple Tower Title & Escrow (DANNY)
If All Of The Above Is Correct Them Proceed With The Offer:
- Once Accepted Make Sure To Order The Condo Questionnaire ($275-$300) REVIEW IT!!
- Order Inspection
- Order Appraisal
- Apply With The HOA
- All Of The Above Must Make Chronological Sense
- Quote An HO6 Prior To Closing
Oct 15, 2019 FHA Loans For Condominiums:
- 10% Down Is The Minimum
- 50% Must Be Owner Occupied
- FHA Will Only Insure Up To 50% Of The Total Units
- No More Than 15% Of Units Are 30 Days Delinquent
- FHA For Condos Have Their Own Condo Questionnaire (attached)
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