Hi, planning to get a mortgage loan with US bank. They seem to want to get hold of HOA disclosure and fill in a lender questionnaire to approve the condo project. Only 30 days left for closing. Should I go with in house lender instead? How was your experience dealing with US bank?
Thats a legit requirement, HOA should have it
Thanks a lot for this info
That is a normal procedure for most banks. Unless the condo unit that you’re buying is a new construction, which will fall under non-warrantable condo. And it will get complicated if the condo project is not approved by US bank.
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What is “the condo project”?
Since I am buying a condo, the bank has to first approve that they could give a loan for the condo in the community. They have some rules like how many condos can be rentals in community etc
Yes that is common. They want to make sure that the ratio of owners to renters is what they consider acceptable. Usually banks want the complex at least 70%+ owner occupied.