Posts Tagged ‘Condo’

  • Leo says, “The GreenHouse Group Is On Top Of Their Game!” | Testimonial of The GreenHouse Group

    The GreenHouse Group Celebration & Testimonial Of Buying Their First San Diego / Ocean Beach Home With The GreenHouse Group. And THATS what we love to do: meet great people, and help co-create great things, and leave them better than how we found them. If you are wondering whether now is the right time to own a home of your own, and want to make sure that you get the right team to help you get there, perhaps this sounds like something you might want to talk to us about. If so, feel comfortable contacting us at 858-863-0261. This was done with the help of Jesse Ibanez as REALTOR, Anahi Vasquez as Partner Agent, both from The GreenHouse Group in San Diego,

  • 2 Pitfalls for Condo Buyers

    Sep 30, 14 • J.Beckistan • Loan Programs, Purchase Loan, Things to Look Out For1 CommentRead More »

    You may not know it, but buying a condo for your home or as an investor comes with some extra challenges.  This week I’d like to discuss how to avoid 2 Pitfalls for Condo Buyers. The 2 most common are      1 – Occupancy Ratio – How many Owners actually live in their Condo – This is typically limited to 50%      2- % of units owned by 1 person / entity – This % is only about 10% with a Fannie Loan. There are some workarounds to these solutions.  If we can get the right kind of approval on your loan, we can circumvent these requirements and pursue a standard Fannie or Freddie loan.  But what if we can’t?  Well then you either get a really high rate loan, or the deal is dead. I have some great news.  We now have a new program that expands the parameters of these requirements making it more likely that you can complete your purchase.  What’s great about this is that you often don’t learn about these problems until you’re already well into escrow.  Isn’t it nice to know that you could have a backup plan in place, just in case you need it? One more cool thing – we’re about to have this program for Investors too!  This is HUGE as most condo complexes simply do not qualify for

  • Occupancy Rates For Condos

    Aug 26, 14 • J.Beckistan • Home Buyers, Purchase Loan, Types of Mortgages1 CommentRead More »

    When shopping for a Condo there are several things you must look out for, so that your lender will not reject your loan.  One of the most common obstacles is the Occupancy Rates for Condos.  This is also known as the % of owners that own as their primary residence or 2nd home vs those that are investment properties.  Many lenders will restrict you to a minimum primary residence ratio of 51%.  If it’s below that they simply will not lend you money to buy that property. Not at The GreenHouse Group!  We have a handful of lenders that will allow you to buy a condo in a complex with low Occ Rates if you meet certain criteria.  One of the most important is that you are buying the home as your primary residence.  If you are, then we can waive that requirement. It’s also important to know that there are a few other things that can blow your loan up.  Condos are a unique beast, so it’s important to know what to look out for before even making an offer.  To learn more about these things click here, and send me an email with the subject line – CONDO OCC RATES QUESTION.  I’ll respond with some more info on what you need to know. Have a great week! Jeremy Beck Mortgage Planner Condo Purchase Specialist

The GreenHouse Group, Inc. | Real Estate Consulting & Mortgage Planning. "Moving People With Purpose."

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