Refi a rental, HOA problems in the past
I own a condo that I wish to rent out but would also want to refinance it. Small loan at a high rate. I attempted to refi a few years back, but due to HOA delinquency I was unable to do so. Can I move forward with this now? Whats the time limit? by george_859_803 from Athens, Georgia. Nov 11th 2011
Michelle Curtis Loan Originator NMLS 401173 (MichelleCurtisLO)
#77 ranked lender in Florida - 2,245 contributions
Hi George, You should be able to refinance by now. If you are not living in the condo the refinance will be done as an investment property. If you have more questions please feel free to contact me. Thanks, Michelle Dema
Joe Metzler (JoeMetzler)
#17 ranked lender in Minnesota - 4,848 contributions
All you can do is try again. The association may be in a better position today. Any property that has an association, specifically town homes and condos, carry additional risk that that the lender needs to evaluate. As you found out, you can be a low risk credit owner, but if the association has financial issues, lenders want nothing to do with your loan. This is one of the reason so many condos are priced so cheaply today, and something buyers need to understand. There are some lenders who will disregard an association review, but those loans typically come at a significantly higher interest rate.
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