Updated over 10 years ago on . Most recent reply
No financing due to HOA
I currently have a property under contract for which I planned to use financing however, the HOA appears to be having financial problems & a few lenders have already said no to a conventional loan on this townhome. I am curious to know the chances of this townhome getting financied conventionally by another lender, or are the chances very slim which is what I am starting to lean more to, due to the fact that loan guidelines are the same from lender to lender? Or, is there the posssibility that one lender may says yes regardless of the HOA having budget issues? What I know about the HOA is that they have less than 10% of cash reserves on hand, the pool hasnt opened in a few years, & they are seeking government assistance supposedly. this property will be a primary residence.