Question Details

John, Home Buyer in Charleston, SC

Can I secure homepath financing on a condo without a solvent HOA?

Asked by John, Charleston, SC Mon May 10, 2010

I have a Fannie Mae owned condo under contract. The agent said, the condo is approved for fannie mae financing and fannie mae renovation financing. The house was converted into condos a few years ago by the sole owner. He defaulted and all 3 units are going through foreclosure. Currently the property has no HOA, due to the foreclosure. Can I still secure conventional financing, more importantly, fannie mae financing? Will I have to setup and HOA in order to insure the property and secure financing? How much will starting an HOA cost?

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Run don't walk away from this deal. Unless you take over the building I would not touch this transaction. FNMA will not provide financing in a sistuation like this. Check with the lender not the agent. Lots of the FNMA lenders are not even doing condos, so they wil not do a condo in bad financial shape.

Keith Manson
First Weber Group
Certified Distressed Property Expert
Metro Milwaukee
0 votes Thank Flag Link Tue May 11, 2010
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