Investment condo in escrow

This is a common issue, as many associations don't take the little bit of time and effort they should to get FHA Condo approved in advance. Lenders can not do a one off condo approval, but it is a process. There is a much stronger chance of the client getting the condo approval they need if they buy the home with a conventional loan instead. This may not be super easy, as lenders typically approve people for conventional first, and FHA second for a reason. Good luck... I lend for properties in MN WI IA SD ND. Find me at JoeMetzler.com Cambria Mortgage, NMLS 274132

There are two possibilities here. First, the Association has inadequate insurance, leaving the owners vulnerable to a financial loss if an otherwise insured calamity occurs. The other is that the Insurance Agent/Company has thoroughly reviewed the project and determined that level of insurance IS adequate. The question you need to answer is "Is the insurance coverage adequate to allow for a rebuilding of the complex after a total loss?" If it's not, then the HOA board is going to need to order an increase in coverage limits, and they should to protect everyone's investment.Bert Carpenter, The LoansA2z Team of NEXA Mortgage ~ NMLS 40586 ~ Certified Mortgage Advisor and Certified by The National Association of Mortgage Professionals as a Certified Veterans Lending Specialist.Licensed in AZ, CA, GA, IL, MO, OR & WA... In fact, NEXA is licensed in all states except MA and NY so give us a call. ~ www.ApplyYes.com 480-889-9000 - OR - 480-695-9300