Scott Storace- Loan Originator, 100 Pacifica Drive Ste. 140, Irvine CA 92618 NMLS #226339 949.973.0141

"From the minute you call me to the minute we close, I have your back. No hassles, no banker’s hours & quick response times." - Scott Storace

  • Home Loans up to $3,000,000
  • Interest Rate Float Down Option
 

Have Questions? Call 949.973.0141

Condominium Financing

orange county condo financingCondominiums are very popular throughout Orange County and southern California because they are more affordable than most single family residences.Still, there are strict property eligibility requirements that must be met in order to obtain financing. A thorough review of the condominium development, homeowner’s association, insurance and HOA financials may necessary.

Purchasing or refinancing a condo requires more homework and upfront research to verify the property’s eligibility. Here are examples of questions that will need to be answered. These do not always exclude eligibility but rather may require additional information.

  • Has the complex already been approved for FHA, VA or Conventional financing?
  • Will that approval expire soon?
  • Is it new construction or existing?
  • What percentage of units have been sold?
  • Has the complex been turned over to the HOA yet?
  • Is there any pending litigation?
  • What is the occupancy mix?
  • What is the ownership mix?
  • Is it adequately insured?
  • What percentage of HOA dues are in default?

Don’t worry! You don’t need to have these answers for us. It’s helpful if your real estate agent has some of this information however, we inquire through property management to confirm while we are processing your home loan. Of course, it’s always helpful to know of potential issues upfront as these are some of the property factors that we must consider prior to issuing loan approval. With a little help from you and possibly your real estate agent, we can get the majority of this information and make a determination if we can obtain financing on the condominium.

Still considering condominium financing? Still have questions? Don’t hesitate to contact me. You’ll need someone who’s thorough, likes the challenge and is undaunted by the additional work required.

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