Financing in Fairhope>Question Details

Hadley Willi…, Home Buyer in Fairhope, AL

Who will finance the Magnolia Bay Condos?

Asked by Hadley Williams, Fairhope, AL Sun May 26, 2013

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Are you talking about Magnolia Beach Condos which on the bay in Fairhope? If so, then I can finance those. My name is Larry Hunter with Home Mortgage here in Fairhope, Alabama. 251-753-8015
0 votes Thank Flag Link Tue May 28, 2013
You should be able to get financed through your choice of bank, credit union or mortgage broker. I've never heard of folks being turned down just because they are buying a condo.

However, with that said, beware if you are wanting to use a VA loan. Complexes must be approved by the loan underwriter, which would be the VA.

Have your desired lender check with the VA or call the Atlanta bureau yourself to ask them to check their list to see if your desired complex is on their approved list BEFORE you make your offer.

I learned this lesson the hard way, getting one week from closing on a condo in a different Fairhope complex only to have the loan denied in underwriting because of one paragraph in the by-laws.

Fairly new complexes may also have problems getting approved for a VA loan because there are certain ratio minimums that must be met related to total units sold, number of individuals owning those sold, and owner-occupied verses investor-owned.

If the complex is not on their list, you'll have to decide if you want to be the one trying to get it approved.

Call me if you need any further help with the process as long as you're not already working with a Realtor.
0 votes Thank Flag Link Mon May 27, 2013
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