954-477-8008 | NMLS: 78347
PRMG 150 S Pine Island Road, Suite 416, Plantation, FL 33324 | david@mysmartloanofficer.com
Colorado License: LMB100007523 | Florida License: LO3563 | California License: 1478294

Condos

Before you write a contract a on buying a condo in Florida or Colorado you need to have your Realtor find out if the condo association is litigation.  You should also find out the following:

1) Are more than 15% of the unit owners past due on their association fees

2) Does the condo project have at least 10% reserves put away to handle unexpected expenses?

3) Ask to see "meeting minutes" from the last 2 meetings.  Typically people only go to the meetings if they have a complaint and or the condo association is having financial troubles.  I had one client find out that the condo association was going to impose an assessment next year for $50,000 per unit owner and she wouldn't of found out unless she asked for the "minutes" from the last 2 meetings

Below is some other helpful information:

Guidelines for purchasing a condominium differ greatly from that of a single family home. Lenders realize that there is additional “risk” in financing condos and therefore place additional restrictions.

Fannie Mae Approved Condos
A list of condos that has already been approved by Fannie Mae. These condos do not need the special approval designation nor do they need a limited review.
> Fannie Mae Approved List

Special Approved Designation
A list that was created just for Florida. The list consists of condo’s that would not normally be on the Fannie Mae approved condo list but have been provided a temporary exception (for up to 18 months).
> Special Approval Designation List

Limited Review Approvals

Most buyers do not want to spend the time or money to execute a contract and order an appraisal on a deal that may not be approved. These are questions that an underwriter would review on the appraisal to approve a limited review approval condo. Please click on this link so you can see what questions we will ask so that you and your Realtor aren’t caught off guard by any surprises.
> Limited Review Questionnaire