Our client, a first-time homebuyer, was looking for a loan to purchase a condominium unit in Miami Beach, Florida. But, she had two problems. First, she was looking for high leverage, as she could not afford to make more than a 10% down payment. Second, the homeowners’ association’s (HOA’s) budget did not appear to show adequate reserves.
Because of those issues, she was turned down by a bank, mainly because the bank’s underwriter believed the HOA did not have adequate reserves.
That’s when she and her realtor came to us looking for help.
We were able to find a lender willing to provide the loan. We were also able to work with the seller’s realtor to extend the closing deadline.
Unlike the bank that had turned our client down, our lender was more experienced in analyzing HOA documentation and financials, and they concluded the condo project was warrantable and in sound financial condition.
Furthermore, the lender was able to provide the 90% loan-to-value our client was seeking, as well as a low, 30-year fixed interest rate of 3.25%.
Our client is now the proud owner of a new home in Miami Beach.
Do you need help purchasing or refinancing a condo? Contact us today to discuss your scenario.