Buy townhouse without HOA fee ?? How?

Asked by Richie, Apple Valley, CA Fri Nov 16, 2007

My loan was rejected because the townhouse that I was going to buy in Apple Valley is NO HOA fee.The lender said I have to find new house or talk with all neighbor to switch their insurance to the same company. What else I can do?? Help pls.

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6
Richie, Home Buyer, Apple Valley, CA
Fri Nov 16, 2007
Thanks a lot Rebecca. I really appreciated your help.
0 votes
Maureen O'Gr…, Agent, Essex, CT
Fri Nov 16, 2007
Richie, I'm afraid there is nothing you can do. Inorder to get a loan on a condo Fanniemae funds have to be used and the funds are not available on condo's with no master insurance. Right now the other owners may be interested in implementing a HOA just for the purposes of a master insurance plan otherwise they will not be able to sell their places to anyone other than those paying cash. Good luck
0 votes
Maureen O'Gr…, Agent, Essex, CT
Fri Nov 16, 2007
I will investigate this for you. I do know of a condo complex (small) in my area that does not have an HOA fee. When I get an answer I'll get back to you.
0 votes
Richie, Home Buyer, Apple Valley, CA
Fri Nov 16, 2007
They bought their unit long ago and at that time there had HOA rule/fee. Then a couple years ago they all decided to drop HOA and pay their own insurance.
0 votes
Maureen O'Gr…, Agent, Essex, CT
Fri Nov 16, 2007
This is a tricky one and requires more information to answer fully. Are you using a bank or a mortgage broker. Have you spoken to the neighbors to see how they were able to finance their purchase?
0 votes
Rebecca Cham…, , Palos Verdes Estates, CA
Fri Nov 16, 2007
Speak to someone who has purchased in the same complex recently and see who they used as a lender and if they had similar issues. I would think if your insurance company didn't have an issue, your lender shouldn't either. Has your insurance co. agreed to insure the property?
0 votes
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