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Erin Harden | Wholesale AE | The Mortgagologist

@behindclosedloans

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🏦 Wholesale AE @ Orion Lending
🧠 The Mortgagologist | Helping Brokers Win 📩
🤣 Laugh. Learn. Close More Loans.
📋 VA • FHA • Jumbo • DSCR • DPA/Grants

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Here are the top 5 reasons that condominiums don’t meet Fannie Mae guidelines…

🚨 SAVE this post to refer to later.

#1 LOW RESERVES: Fannie wants to see 10% of the annual budget set aside so that there are ample funds available when major repairs or projects are needed. If they aren’t budgeting 10%, then a “reserve study” is required, meaning the lender must review financials and determine that the reason they aren’t saving 10% annually is because they have already accumulated a HUGE surplus of funds and all repairs have been completed. (No other reasoning would be acceptable.)

#2 SPECIAL ASSESSMENTS / CRITICAL REPAIRS: Special Assessments are needed when the HOA does not have adequate reserves to cover Critical Repairs (see #1 above). This may be an indication that the finances have not been properly managed.

#3 INSUFFICIENT MASTER INSURANCE: Coverage amounts less than 100% replacement cost or peril deductibles higher than 5% require further analysis. The Insurer may require “Co-insurance” (shared risk between the Insurance and the HOA) when there is deferred maintenance within the complex, meaning the HOA must assume part of the risk until those maintenance items have been resolved and a new appraisal of the entire complex conducted. Co-insurance is NOT 100% replacement cost, and this is ONLY OK if the lender reviews the master appraisal to see what maintenance items were noted at the time of insurance AND obtains proof those items are now handled.

#4 INVESTOR CONCENTRATION: If the property being financed is INVESTMENT Occupancy in an established condo, then at least 50% of the units must be Owner-occupied or 2nd homes. If the property being financed is OWNER-OCCUPIED or 2nd HOME, this restriction does NOT apply.

#5 SINGLE ENTITY OWNERSHIP: If the complex has 5-20 units, 1 person/entity cannot own more than 2 units. If there are 21+ units, a single person/entity cannot own more than 20% of total units.

#condofinancing #mortgagebroker #loanofficer #realtor #realtorlife #loanoriginator #behindclosedloans #realestateagent #homeloans #propertysales #realestatetips

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Our account executive, @behindclosedloans spills the details on 100% FHA Financing Options– scores as low as 580 and first-time buyers not required!

Ready to take the next step? Visit her website here➡️ https://www.orionlending.com/ae/erin-harden to learn more or get approved! 💻🏠

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Thank you, Rebekah, for leaving this excellent review for her Orion Lending Account Executive, Erin Harden! Great job to all who made this transaction seamless for another happy client!⭐👏

If you've had a great experience at Orion, leave us a review on Google here➡️ http://ow.ly/jwtw50N2xBI.

#orionlending #happybrokers #fivestarreview #partnerwithorion #mortgage #wholesalemortgage #wholesalelending #mortgagelender #thankfulthursday

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We wanted to showcase this ⭐⭐⭐⭐⭐ review for Erin Harden and team. Congratulate them for being such a great resource throughout this transaction. Great job!

At Orion 🌟 You're Not Just Another Broker, and We're Not Just Another Lender.🌟

If you've had a great experience at Orion, leave us a review on Google here➡️ https://bit.ly/3E00GwI.

Not approved? No problem. Go to ➡️https://bit.ly/2Z02OlA to get approved with Orion Lending within hours with no credit pull! You could even start submitting loans by the end of the day!

#orionlending #happybrokers #fivestarreview #partnerwithorion #mortgage #wholesalemortgage #wholesalelending #mortgagelender #thankfulthursday

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Realtors, don’t lose a potential client because they can’t afford a down payment. This IG LIVE is all about down payment assistance, and the basics for you to identity if your client is a good candidate!

#live #iglive #dpa #clients #information #firstimehomebuyer #homebuyers #downpaymentassistance #yourloanofficer #zoilaluz #northerva #northernvirginia #realtors #realestate

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Help those clients who currently don’t have the funds for a down payment, with a down payment assistance program! Don’t turn away clients who tell you they don’t have money to buy a house, instead learn to quickly identify if they would be a good candidate for this program !

Join our LIVE tomorrow at 5PM with @behindclosedloans to learn how you can help more clients become Homeowners!

#iglive #live #dpa #downpaymentassistance #mortgageloan #fairfaxva #richmondva #princewilliam #yourloanofficer #zoilaluz #firsttinehomebuyer #realestate #realestateagent #buyersagents #buyersagent #realtor

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