The Federal Savings Bank prides itself on providing a wide array of mortgage products

The Federal Savings Bank prides itself on providing a wide array of mortgage products

What sets us apart is our ability to help you secure financing where other lenders may experience certain limitations. Our industry-leading banking platform paired with our in-house Condo/Co-op Department, makes us your best choice for all your condo needs. We are here to navigate you through common obstacles and provide the best loan options available in the country.

What exactly is a condo?

Properties where homeowners live and share a common area which is maintained by a Homeowner’s Association are commonly referred to as a condo or co-op. When applying for a mortgage on your condo the lender must approve the borrower and the condo project to close on your loan. Most lenders have strict requirements that limit their ability to finance condos because of a variety of common HOA challenges.

Common Condo and Homeowner Association (HOA) Challenges We Can Resolve

We are experts at helping home buyers overcome some of the most common condo and HOA issues that may arise when going through the loan process. Below are a few of the most common issues we have resolved for our customers.

Owner vs. Rental Percentage

Many condominiums are more than 50% rented. This means that a building has more units being rented than occupied by condo owners. When a building has more than 50% of its units rented, some lenders cannot offer all of their available loan products.

Insufficient Reserves for the HOA

Homeowner Associations are run like a business and they must issue a yearly budget https://loansolution.com/payday-loans-oh/ including revenue, expenses and reserves. (more…)

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