As I stated earlier, we were denied the loan due to the HOA funding in part the restaurant at the country club. We checked with another lender and had the same issue. Here is a link which explains a bit of the rules and why it is becoming a problem on existing properties which have been approval in the past.
Item 8 in the table is the item which is causing the issue.
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Mark Fleysher, MBA, Realtor
I will let you know the outcome, this is just very surprising to me. The lender stated it is not a problem with our credit, our scores are nearly 800. Nor our credit, we have no outstanding loans or bills. He told me today that everything was fine until they received the CCRs for the development and discovered the noted "social dues" of $600 per year. If this turns out to be the case, I would think many developments in the Palm Springs areas will have trouble since this appears to be a common practice in the area.
I find this absolutely amazing. I have not heard of such an incident. It is not unusual for Country Clubs to have a social fee for the use of the restaurant. usually a use it or lose it type situation. This gives the homeowner the same amount as they pay to use for the purchase of food and beverages for the month. If you don't use it, you are still charged this amount. It helps the association to fund the restaurant, especially in a resort community when during the summer, many owners are not here to spend dollars they usually would. I would love to hear the outcome and post it on lmy blog. Please keep in touch.
Wendy Formica, CRP, PMN, ePRO
Windermere Real Estate
Indian Wells, CA
Give me a call and I would be glad to research it a bit more for you.
909 214 0438 CA Cell