Is Your Condo Blacklisted By Lenders?

[TheSheep]

Also termed nonwarrantable, there are a variety of reasons why a building would be branded as ineligible for lending. Most factors reflect criteria set by Fannie Mae and Freddie Mac, but some are based on lenders? internal risk-based criteria.

Loans that meet the standards of Fannie Mae [Federal National Mortgage Association] and Freddie Mac [Federal Home Mortgage Corp.] are eligible to be sold in the secondary market to the two government-sponsored but privately owned mortgage finance giants. For that reason, lenders have always found it safer to issue loans in projects that are eligible to be sold to those companies.

A building may be deemed ?nonwarrantable? if a large number of its condo units are owned by investors. About 70 percent of the building must be owner-occupied for it to be considered suitable to be sold to Fannie or Freddie.

The number of pre-sales, litigation involving developers, condo boards, vendors or unit owners; condo association financial problems and many other factors are also used to measure the risk.

If your condo building is blacklisted, you may not even know it.

TheCompleteSheep is in hand with several of these eligible/ineligble lists, and particularly properties on those lists, but ewe is not a squealer. ;-)

 

[AAbsolute]

You might be teaching me something. I will pay homage if you will tell me enough for me to verify the existence;-). I don't need the lists, just a little more data. Please.

 

[TheSheep]

You might be teaching me something. I will be homage if you will tell me enough for me to verify the existence;-). I don't need the lists, just a little more data. Please.

The lists are maintined by bank lenders and passed amongst themselves through their banky-wanky professional associations. They are also maintained by mortgagee and private equity publications and national insurors.

Lists from Citi, WAMU-JPMorgan, others.

Now, assume the homage position.

 

[SHELLY]

Why don't you two get a room.

.

 

[beachmouse]

This is nothing new. A friend of ours ran into the same problem in late 2000 when she was buying a place on Okaloosa Island in a building that was mostly long term rental.

As for finding out whether a building is on the blacklist, you can get some idea by pulling up property tax records on the address from the county tax assessor's office web site and seeing what percentage of the building has filed for homestead exemption.

 

[AAbsolute]

This is nothing new. A friend of ours ran into the same problem in late 2000 when she was buying a place on Okaloosa Island in a building that was mostly long term rental.

As for finding out whether a building is on the blacklist, you can get some idea by pulling up property tax records on the address from the county tax assessor's office web site and seeing what percentage of the building has filed for homestead exemption.

What's the exact ratio of homesteaded properties required to black list a condo?

 

[AAbsolute]

The lists are maintined by bank lenders and passed amongst themselves through their banky-wanky professional associations. They are also maintained by mortgagee and private equity publications and national insurors.

Lists from Citi, WAMU-JPMorgan, others.

Now, assume the homage position.

Good info. I'm in the business 80 hours per week and this is the first time I have been able to verify such lists. There was a wealth of info when I searched non-permissable and variations.

It sounds anti-competitive to me to generate a black list without regard to a loan to value evaluation on a case by case basis. There will be lawsuits generated via Strategic Foreclosure case theories and Quantum Meruit to be sure.

Thanks

 

[AAbsolute]

Why don't you two get a room.

.

That's quick wit.

 

[TheSheep]

This is nothing new. A friend of ours ran into the same problem in late 2000 when she was buying a place on Okaloosa Island in a building that was mostly long term rental.

Quite old, actually.

As for finding out whether a building is on the blacklist, you can get some idea by pulling up property tax records on the address from the county tax assessor's office web site and seeing what percentage of the building has filed for homestead exemption.

Stretching relevancies?

 

[TheSheep]

Originally Posted by SHELLY
Why don't you two get a room.

That's quick wit.

Ms. Shelly must feel left out being behind the yellow tape hardhatless yelling instructions to the carpenters.