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Feb 25

New Condo Resource Added

Five out of the last six condo loan applications I have processed were rejected because the property did not make it through the system.  This is a serious problem for people that want to buy or sell a condo.  Being a slow learner it took a few rejections for me to wake up and see the need to increase my knowledge on the subject.

The core of the problem is that in order to finance a condo the process requires an additional approval beyond the normal appraisal.  To complicate it even more there are different approval process for the different types of loans a borrower may want to use.

This is important to both buyers and sellers because it can have an impact on the value of the individual condo unit.  Nothing is more frustrating for a loan officer than having a willing buyer and seller only to have the property rejected!
I want to help eliminate this problem!

So I took some training on financing condominiums.  It prompted me to add a section in the Resource Center about condos.  I am going to expand this section to include the information learned in the training class that will help HOA’s keep their communities approved for different forms of financing.  This is going to be a long term project and I am currently working on the financing section.

Buying a property in Kentucky and want to be pre-approved  for a mortgage? Visit my online application site or print and use this simple form to get started. If you prefer we can do it over the phone, call my direct line during normal office hours, (502) 753-4127.

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