Asked by Lb, Los Angeles, CA • Fri Jun 6, 2008
I have a contract on a loft downtown in a 140 unit condo. I am using a CalFHa loan and a HiCap down payment assistance. I was set to close and at the last minute my loan company says that the building is showing 22% delinquencies in the HOA. They said because that number is bigger than the 15% that Fannie Mae allows the loan cannot close (and no other bank could either). The HOA says that they are not in debt, have reserves and makes money in other ways so they are not worried about the delinquencies. Plus, most of that money comes from the 8 foreclosures in the building. My loan company is small and sells everything to Fannie Mae so I donâ€™t know if they can get around this. My question isâ€¦ can anyone get around this? Should I find a bigger lender? Does everything have to conform to Fannie Mae guidelines? If I go with a new lender do I have any obligation to the old one? Do I have to pay for the appraisal even though they couldnâ€™t do the loan?
Real Estate in Los Angeles
Popular Categories in 90014
Email me when…
Success! Your email alert settings have been saved. Access all your email alerts in your My Trulia account anytime!