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Condo Lake Havasu Information

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What you need to know if you are thinking of buying a condo in Arizona:

Buying a condo comes with a few additional lending rules since the overhaul of the lending guidelines a few years ago. Make sure to ask us for more details about specific associations and which ones are in compliance.

To qualify as a condo complex with Conventional Loans (ask for complexes that are FHA approved as less than 20% nationwide are approved for FHA) here are some of the general guidelines from the government who backs the loans:

  • Must be 51% owner occupied (primary or second homes) This may go lower if the reserves are high enough
  • No more than 15% of the complex can be past due on HOA dues
  • No one owner can own more than 10% of the complex
  • No daily, weekly or monthly rentals
  • The HOA must meet the reserve requirements and budget review
  • The HOA must pass insurance review

Every complex may have unique circumstances so it is important to review this with your lender as other guidelines may apply. 

 

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Brenda and Willie Gonzalez 
RE/MAX BY THE LAKE


Brenda: 928-846-6044
Willie: 928-846-6046

e-mail: HavasuGForce@gmail.com