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Inquiries
Many people ask what type of inquiry is associated with a mortgage pre-qualification. Anytime you apply for credit it’s a hard inquiry. When you apply for non-credit things, like utilities, employment, insurance, that is more likely a soft inquiry, but depending on the circumstances it could be a hard inquiry as well. A mortgage pre-qualification…
Read MoreTermite Inspections
Termite inspections are typically not required. But, let’s learn about when we do need to review the report. The VA loan is the only product which requires a termite report to be completed and reviewed by us. The only exception is if the buyer is using VA financing to purchase a high-rise condo [termite inspections are…
Read MoreFHA Condo Approval
We process FHA submissions in house and submit them to the Department of Housing and Urban Development (HUD). Their review will likely take 2 weeks to 30 days. FHA condominium approvals are valid for the entire project for two years. Prior to December 2009, once approved a condo was always approved, but that is no…
Read MoreVA Condo Approval
The Department of Veterans Affairs (VA) requires they review and approve a condominium prior to financing a loan in each condo project. In our experience the VA review can take anywhere from 2-4 weeks to complete, but once approved, the condo approval does not expire and can be used on any future units within the…
Read MoreCondo
If you want to learn about condos…you’ve come to the right page. Click on the links which interest you to learn about condominiums, condo fees, and what we review when analyzing whether a condominium association is suitable for financing. Condominiums (General) Primary Criteria for Condo Approvals Limited Reviews for Condos (Easier approval process) New Construction Condo…
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