7 Things To Watch Out For When Getting A Loan to Buy a Condo On Oahu

1) The owner-occupancy rate typically needs to be above 50% for both FHA and conventional loans.
2) If there is pending litigation against the HOA, it could be a deal-killer for the loan.
3) If the HOA does not have a sufficient current reserves and a defined budget for long term manintenance needs, your loan may not get approved.
4) If the HOA fee delinquency rates are above 15%, your loan may not get approved.
5) If the condo project does not maintain sufficient insurance coverage, your loan may get denied.
6) If you are getting an FHA loan, make sure the condominium complex is on HUD’s approved condo list.
7) No more than 10% of units in a complex can be owned by a single owner.

I can assist you in determining if your condo of choice is compatible with the loan type your are planning to utilize…..call me today and we can discuss how I can hlep you…….Aloha, Jon..

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