Important info for foreign nationals buying condos in US

Posted by on November 29th, 1999 at 06:00pm

vsingal wrote an interesting post today on
Here’s a quick excerpt
With the real estate market slowdown that is going on in the US right now, mortgage lenders are getting very picky about what condos they will lend on. If you are a foreign national that is looking to purchase a condo in the United States, I would suggest that you find out if US mortgage lenders will lend on that particular property.
A couple of the reasons that US lenders will not lend on some condos are listed below.
1. Too many foreclosures. Yes, the reason that you want to buy that condo is the same reason that the mortgage lender doesn’t want to lend on it. You’re buying it because the price is cheap, it’s a foreclosed property and you’re getting a deal on it. If there are too many foreclosures in that condo development the lender will not want to lend on it.
2. Homeowners associations may be broke. There are a few homeowners associations […]

Read the rest of this great post here

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