1. If you're looking for a mortgage broker in Englewood, CO and surrounding area call Bernie Saul (NMLS #278684) at 303-933-1466 or visit http:equitylinkmortgage.net.
    If you’re even thinking about getting a mortgage on a condo, you must know this: lenders have different rules for condo mortgages.
    There are 7 common rules that, if you don’t know them, you end up falling in love with a condo you’ll never get a mortgage on.
    They are true whether you’re getting a condo in Littleton, Denver or Aurora; whether you’re talking to a Lakewood mortgage banker or an Englewood mortgage broker.
    They are:
    1. No one is allowed to own more than 1 unit in a 2-4 unit condo project.
    2. No one is allowed to own more than 2 units in a 5-20 condo project.
    3. No one is allowed to own more than 10% of the units in a 21+ condo project.
    4. There must be a transfer into the reserves account of an amount equal (or greater) than 10% of operating costs.
    5. The developer must have relinquished control to the association.
    6. All the association’s income must come from activities that are necessary to running an association (i.e., assessments, special assessments, cable fees are ok; income from renting anything or from running a business is not ok).
    7. No litigation (unless it’s about a foreclosure, nobody wants any money or if someone wants money, the amount wanted is known and there’s a title company willing to insure over the loss)
    8. If there’s commercial space, it cannot be more than 25% of the project.
    9. No more than 49% of the units can be rented.
    Before you even get to researching associations, though, you should know what kind of loan program you qualify for: it’s harder to get an FHA mortgage on a condo than it is to get a conventional one:
    FHA only insures condos it’s approved or condos that are in project it’s approved; the approval process takes at least 10 days, involves a lot of paperwork and the cooperation of the condo association people and, not every mortgage broker or lender cares to bother with it.
    So, first and foremost, figure out what type of loan you qualify for.
    Then, find out an association that doesn’t break the rules for the type of loan you qualify for OR a mortgage broker that has access to lenders who don’t mind the rule(s) the condo project your unit is in breaks.
    Centennial, Littleton, Lakewood, Englewood banks, like banks everywhere, have a more limited number of loan programs than Centennial, Littleton, Lakewood, Englewood mortgage brokers (hint, hint: Equity Link Mortgage, Inc.).
    However, not all Englewood mortgage brokers have access to non-warrantable condo mortgages. (Non-warrantable condo mortgages is the name, in the industry, for condos that don’t fit the requirements of Fannie Mae, Freddie Mac or the FHA, i.e., condos that break one of the rules above.)
    Equity Link Mortgage (License No. 100011659) helps home owners and buyers get a mortgage in the entire state of Colorado but, especially, in Littleton, Centennial, Englewood, Denver, Aurora, Lakewood, Arvada, Blackhawk, Parker, Georgetown.
    Visit our website at http://www.equitylinkmortgage.net.
    Like us on FaceBook: https://www.facebook.com/EquityLinkMortgage.
    +1 us on Google maps: https://plus.google.com/100192807037673872285/?hl=en
    This video's address is: vimeo.com/132168887

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Chicago Mortgage Broker

The Chicago Mortgage Broker

A mortgage broker is a well-trained professional representing those who seek home mortgages and provides them an ideal solution. Browse this site http://thechicagomortgagebroker.com for more information on Chicago mortgage broker. By engaging a mortgage…


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