Blog
Occupancy
There are three types of ways you can utilize a property you are financing. They are a primary residence, second home, or investment property. A primary residence is a home in which you live in as your principal residence, and typically occupy at least a majority of the year. In order to be eligible for…
Read MoreInquiries
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…
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