Mt. Hood Condo Buyer Info
Interested in purchasing a Mt. Hood Condo? There are some great units for sale at Collins Lake or the Grand Lodges in Government Camp, or Fairway Estates,Clear Hills, and Shadow Hawk in Welches. What you need to know, if you are getting a bank loan is that Fannie Mae and Freddie Mac are changing regulations for mortgage loans on these units.
Here are a couple things you should know:
If the homeowner's are 15% or greater delinquent in homeowners association fees they will not lend on the project.
If 10% or more of units are owned by a single entity, they will not lend on the project.
As of April 1st, if a buyer does not but at least 25% down, they will be paying an extra 3/4% of the loan amount in a closing cost fee to protect against buyer defaults.
Check with the condo association president prior to making an offer or even looking at a project to save time. If the condo unit does not go conventional there may be alternative financing but I am sure it will cost you in a higher interest rate or fees.