Buying a condo in Lake Havasu and other places in Arizona as well is mostly a cash deal now.Â We have only 2 complexes that are approved for FHA loans.Â These are Los Lagos and Southwest retreat as of the last report.
To qualify as a condo complex with Conventional Loans here are some of the general guidelines:
Â·Â Â Â Â Â Â Â Â 51% owner occupied (primary or second homes)
Â·Â Â Â Â Â Â Â Â No more than 15% past due on HOA dues
Â·Â Â Â Â Â Â Â Â No more 10% can be owned by a single entity
Â·Â Â Â Â Â Â Â Â Budget Review
Â·Â Â Â Â Â Â Â Â Reserve Review
In a town where a large percentage of our buyers are second home owners you can see how you can run into some difficulty.
Money is available from private lenders, owner carries Â and even a couple of banks with a larger down paymentÂ of at least 30%.
If you are shopping for a condo it is important to talk to a lender first. Â Call me and I can give you some referrals with lenders who do these types of loans so that you are ready.
Brenda and Willie Gonzalez
928-846-6044 Brendaâ€™s Cell
928-846-6046 Willieâ€™s CellÂ