Good day everyone - I'm Connor with HONOR MacIvor, the "with honor" was something that is not on my birth certificate - FYI, but it does rhyme.
If you are considering buying a home, maybe your first home and
|Canyon Country (91351)|
|American Beauty Village - Must Verify With Lender|
|Canyon Country Racquet Club||2/2/2021|
|Canyon Country (91387)|
|American Beauty Condos - Sierra Highway||08/02/2020|
|Canyon Country Homeowners Assoc.||03/12/2020|
|Sand Canyon HOA - American Beauty Garden 1||06/18/2021|
|Friendly Valley Village #6||11/27/2020|
|Friendly Valley Village #7||04/30/2021|
|Friendly Valley Village #11||06/18/2021|
|Valle Di Oro||03/11/2021|
|Vista Del Canon||09/27/2021|
|Saugus (91350, 91390)|
|Concord at River Village||10/17/2022|
|Hartford at River Village||03/26/2021|
|Mountain View Courtyards||09/12/2020|
|Mountain View Villas||11/21/2020|
|Stevenson Ranch (91381)|
|No Complexes Approved at this time|
|Cabot Bay @ Bridgport||05/23/2021|
|Fairways - PUD||Approved|
|Galleria at Alta Vista||08/27/2021|
|Madison @ Town Center||03/21/2021|
|Vista Valencia Townhomes||05/22/2020|
If you are considering buying Santa Clarita real estate using what is known as an FHA loan. This loan type allows the home buyer to put 3.5% down as a downpayment, you have come to the right place. The question that needs to be asked next is if the home, condo or town-home you are interested in buying happens to be on the FHA approved list.
Now, most Single Family Homes are typically approved as soon as the appraiser, which is trained and certified in FHA appraisal, appraises the home.
There are other property types, condos and town-homes more specifically which are part of a homeowner association.
FHA has to have vetted the HOA to ensure they are in the right light before they will Bless the lending of the money to purchase.
As an example, before the fall of the last real estate cycle, there were many condos and town-homes which were approved for the FHA loan.
After that event - 2007 - there were very few complexes that were FHA approved. This was primarily because when people started to default on their mortgage payment, they typically defaulted on their payments to HOA.
The HOA starts to lose its reserves and becomes weaker. The lending institutions, banks, see that as a larger risk for them so they either strike the complex from their record or they let the clock run out and don't approve it until they have a stronger financial footing.
Today, being in a healthy real estate market, the financial standing has recovered with most Home Owners Associations.
With the exception to every rule, there are some HOA's which are worthy of being scrutinized today by the FHA lenders.
Some are operating badly via their management companies or their boards of directors. Think one of the "Lethal Weapon" Episodes.
And some HOA's are wanting to increase their dues to a horrible extent, that could kabash any FHA approval when finding out.
When you are ready I'll be here to help you navigate the FHA approvals, properties, and the best questions to ask an FHA lender to ensure you are getting your best deal.