So you want to buy condo and you just found out that the condo association is currently going through active litigation meaning that the HOA is being sued, or they are currently suing someone.
Although roughly 99% of lenders will tell you that they are not going to lend to you if you want to buy a condo in an association that’s currently going through active litigation the truth is that there are still some lenders out there who will lend to you if you meet their requirements.
What Requirements Will The Lenders Have?
Lenders will be willing to lend to you if you’re planning on buying a condo that’s going through active litigation if you can meet their requirements of 15% down, good FICO score (700 or higher) and low debt-to-income ratio.
Finding out that a condo association is going through active litigation may have been a deal killer in the past but thanks to looser lending requirements over the last several months many lenders including those that we work with at Fred Sed Realty can help you get into a condo regardless if there’s HOA litigation or not.
Ultimately it’s Always up To the Lender
Remember that regardless if you’re intent on buying a condo in an association that’s going through active litigation or not the main thing you need to do is prepare your finances and show yourself to be a good candidate who has the ability to repay their mortgage loan over time.
Besides having a good FICO score, 15% down and low debt-to-income ratio you should also have a stable job, solid records of your finances and you shouldn’t make any major purchases on credit until after you’ve been approved for financing and have purchased a condo.
Contact Fred Sed Realty
Get started with searching for a condo in Southern California today by calling us at (800) 322-4643 or connect with us through our website.