Agents Online Real Estate Forums, Discussion, Realtors Marketing Tips

Follow AgentsOnline on Twitter

Click Here to display our logo on your site and link to us!
AgentsOnline Real Estate Discussion Forums Logo

Realtor CommunityA popular online real estate community since 1998!


Advertisements


Sponsored Links
Advertisements
How To Advertise Here
How To Advertise Here

Sponsored Links
(Views)Popular Topics
I MAKE 100 COLD CALLS EVERY DAY & LOVE IT! 28271787
No new orders today 13101893
Stupid MLS comments. 3276759
What do you know about Froy Candelario, top agent in USA 1189513
Stupid QC comments and BPO requirements. 1061210
New HUD Listing Brokers---Any Update? 1028238
Is there religious content in Buffini class? 822772
Let's talk about our cars 671064
Name that Flick. Great movie Lines. 602727
Pay it Forward - BPO/REO Tips & Tricks I & II 592450
Most common items found at an REO 576065
EML 459232
REOTRANS 440754
Main Street 419467
asset val seminar in colorado 407201
assist 2 sell or 1 percent realty? 340452
HOMONYMS - There, Their, and They're 306799
Evalonline 300191
Land America 285052
Mainstreet 261859
Matched Content
Topic Options
Rate This Topic
#446811 - 07/27/15 09:55 AM 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?

Top
Advertisements
#446817 - 07/27/15 11:44 AM Re: New Fannie Mae Guideline? Attached house HOA fees [Re: JaxFlAgent]
Vermont Offline
Major Contributor

Registered: 04/12/08
Posts: 7719
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"

Top
#446818 - 07/27/15 12:49 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.

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

Registered: 04/12/08
Posts: 7719
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"

Top
#446887 - 07/29/15 04:13 PM Re: New Fannie Mae Guideline? Attached house HOA fees [Re: JaxFlAgent]
ibsellin Offline
Member

Registered: 08/19/11
Posts: 378
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.

Top
#447112 - 08/11/15 09:12 AM 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?

Top
#447129 - 08/12/15 02:04 AM Re: New Fannie Mae Guideline? Attached house HOA fees [Re: JaxFlAgent]
Vermont Offline
Major Contributor

Registered: 04/12/08
Posts: 7719
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"

Top






Google Custom Forum Search

This Google Custom search may do a better job of searching the forums for some keywords than the old forum search does. The results do not include threads from the Asset Managers Forum however. To search that forum you will need to be actually in the Asset Managers Forum and you will need to use the old forum search below.
Search

Newest Members
PMacpherson, Non GMO CRE, Reguru1, Shaun225, Dr.Brim
29797 Registered Users
Who's Online
5 registered (Brad, AML, Trouble, estatereal, RonnieEmz), 39 Guests and 5 Spiders online.
Key: Admin, Global Mod, Mod
Shout Box

Top Posters (30 Days)
Long Walk 74
Vermont 39
estatereal 15
Trouble 15
Flare616 13
Snapple 12
Logan Five 11
RonnieEmz 10
Lucky Leonardo 9
waka 9
Analog Man 9
TheTexasGal 8
Flammable 8
gitmonee 7
CRSmith 5
Featured Member
Registered: 09/13/17
Posts: 5
Facebook

How To Advertise Here


This site presented by RNC Internet Services