Financing in North Miami>Question Details

Sandra, Home Buyer in Miami, FL

I am interested in an apartment with 118 units currently 20 units are 90 days or more late with HOA dues 17% deliquency rate will a bank lend?

Asked by Sandra, Miami, FL Tue Sep 14, 2010

38k monthly income, 30K monthy maitanence cost, 316K unrecovered HOA dues ( currently HOA is trying to collect) one month of reserves , 20 units late HOA dues this includes 10 are in foreclosure
70% owner occupied

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1
You need to first determine if the property is Fannie Mae approved. I urge you to call your Real Estate agent and depend upon them for guidance.
1 vote Thank Flag Link Tue Sep 14, 2010
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