Mortgage Blog

Condo Rate explanations

October 30th, 2009 9:45 PM by Eric Fang

My rates on my website are mainly for non-condo rates. I do have one prospect who suggested to post rates for condos. I explained to her about the recent failure of condo loans. I have some loans failed recently, most loans are condo loans. The reasons are very similar, 1)Low value. As long as there is one comp sold low in the community; it will affect the value. 2)Incomplete community. I have one loan with about 4000 homes in the HOA community, the lender can not approve the loan simply because this community is incomplete.

So, if you have a condo property, please try work closely with yourcurrent or previous loan agent. My rates posted on the web are more for non-condos. You can email me if you have an inquiry about condo rate.

Posted in:General
Posted by Eric Fang on October 30th, 2009 9:45 PM



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