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#446811 - 07/27/15 02:55 PM New Fannie Mae Guideline? Attached house HOA fees
JaxFlAgent Offline
Junior Member

Registered: 07/27/15
Posts: 6
Loc: Jacksonville, Florida
I have been working with a buyer/customer since February and it's been tough because of a number of reasons - low inventory one of them.

Her loan was denied Thursday because of a little known (NEVER HEARD OF!) Fannie Mae deal regarding PUD (Planned Unit Developments)

Because it was an attached dwelling they had to get PUD approval.

When the questionaire came back saying the lender would have to pay outstanding HOA dues they denied the loan saying it was a Fannie Mae rule.

Anyone hear of this before?

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#446817 - 07/27/15 04:44 PM Re: New Fannie Mae Guideline? Attached house HOA fees [Re: JaxFlAgent]
Vermont Offline
Major Contributor

Registered: 04/12/08
Posts: 7455
Loc: Vermont's North-East Kingdom
Why wouldn't the Seller normally be expected to pay the outstanding HOA Fees . . . . or was this a Foreclosure, and the "Lender" you're referring to is now, in fact, the Seller ?
_________________________
Dale C. Hittle of GOLDEN RULE PROPERTIES in Glover, Vermont
Where We're Always Striving To Put Together "THE FAIR DEAL"

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#446818 - 07/27/15 05:49 PM Re: New Fannie Mae Guideline? Attached house HOA fees [Re: Vermont]
JaxFlAgent Offline
Junior Member

Registered: 07/27/15
Posts: 6
Loc: Jacksonville, Florida
No, the new lender (For my buyer) denied the loan because of that clause - and they said it was a Fannie Mae guideline.

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#446829 - 07/28/15 12:58 PM Re: New Fannie Mae Guideline? Attached house HOA fees [Re: JaxFlAgent]
Vermont Offline
Major Contributor

Registered: 04/12/08
Posts: 7455
Loc: Vermont's North-East Kingdom
Is that new lender a mortgage company or an FDIC Bank ?

Somewhere, somehow, someone is mis-interpreting the regulations.
_________________________
Dale C. Hittle of GOLDEN RULE PROPERTIES in Glover, Vermont
Where We're Always Striving To Put Together "THE FAIR DEAL"

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#446887 - 07/29/15 09:13 PM Re: New Fannie Mae Guideline? Attached house HOA fees [Re: JaxFlAgent]
ibsellin Offline
Member

Registered: 08/19/11
Posts: 377
Loc: USA
Originally Posted By: JaxFlAgent
No, the new lender (For my buyer) denied the loan because of that clause - and they said it was a Fannie Mae guideline.


A number of things might be at work:

Sometimes the broker can't find someone to place a loan for something he should have known all along and they come up with some baffling reason. (Like one time I had a buyer who said she worked for Verizon but she was a temp, so we went out shopping and day before closing we find out the deal is not going through and they tried to spin it..)

Yes, the seller should pay the outstanding dues prior to or at settlement. (unless you checked the wrong box on the contract!)

Anything that's part of an HOA is going to have a PUD rider.

Fannie does whatever it wants and they have been denying loans even with known exceptions issued by HUD rulemakers.. they just do what they want if they have a distaste for it, don't expect them to swallow it no matter what the book says.

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#447112 - 08/11/15 02:12 PM Re: New Fannie Mae Guideline? Attached house HOA fees [Re: ibsellin]
JaxFlAgent Offline
Junior Member

Registered: 07/27/15
Posts: 6
Loc: Jacksonville, Florida
No the lender was concerned that if my buyer got foreclosed on THEY would be stuck paying the outstanding HOA fees.

Do you think that they buyer being 76 yrs old had anything to do with the refusal?

I am still stung from this. HOw are we supposed to advise buyers if we don't know the rules and regs on the loans?

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#447129 - 08/12/15 07:04 AM Re: New Fannie Mae Guideline? Attached house HOA fees [Re: JaxFlAgent]
Vermont Offline
Major Contributor

Registered: 04/12/08
Posts: 7455
Loc: Vermont's North-East Kingdom
Originally Posted By: JaxFlAgent
". . . No the lender was concerned that if my buyer got foreclosed on THEY would be stuck paying the outstanding HOA fees . . ."

But that would hold true for ANYONE from whom they accepted Mortgage !

Maybe they just don't want to loan against any PUDs ?

You'd think that people who are 76 should be debt free; but I once participated in a transaction where an 83 year old was granted a 30 Year Loan . . . . as if they'd service it until they were 113, and Pay it off !
_________________________
Dale C. Hittle of GOLDEN RULE PROPERTIES in Glover, Vermont
Where We're Always Striving To Put Together "THE FAIR DEAL"

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