Posted on: 15th Apr, 2009 12:19 pm
I am trying to refinance my condo. I just find out that my lender turned down my application because condo association's reserves balance is too low. The condo association just took money out of reserves to work projects such as painting buildings and parking lot.
I am wondering is there any lenders that doesnot requrie this guideline.
Thanks
I am wondering is there any lenders that doesnot requrie this guideline.
Thanks
I have never heard of that. They check to see if the condo association has hazard insurance on the building.
i own a stand alone house that is in a condo assoiation.ijust got turned down for refinance with wells fargo(who already holds my mortgage).they said that they couldn't find a property to compair my house with because they didn't want to compair it with a condo.looks like my only saloution is to try to get out of asoiation and try again unless somone has a defferent suggestion.Thanks
