Can a condo association force an owner to sell in Massachusetts?
Can a condo association force an owner to sell in Massachusetts?
Condo associations cannot legally force an owner to sell their condo, but they can take legal action in extreme cases. If a condo association believes one owner’s behavior is detrimentally affecting the community, they can ask the courts to intervene.
What makes a condo non-Warrantable Fannie Mae?
A non-warrantable is any condo that doesn’t meet all of Fannie Mae or Freddie Mac’s qualified lending requirements. Whether it’s a houseboat or 16% of unit owners are delinquent on their association dues — the specific requirement that’s missing doesn’t matter.
What are Fannie Mae condo guidelines?
A “Fannie Mae approved condo” means the condo in questions meets or exceeds those requirements, and the condo is eligible for federal financing. As of 2020, the Fannie Mae loan limit for condos is $510,400 — at least, in most parts of the country. (Click here to check the max in your area.)
Does Fannie Mae do non-warrantable condo?
Non-warrantable condo financing is unavailable via Fannie Mae and Freddie Mac, the FHA or the VA. To get a non-warrantable condo mortgage, you’ll need to talk with a specialty lender.
Are condominiums considered private property?
A condo is a form of private housing whereby individual portions of this land is owned by different owners. Aside from individually owned apartment units, there are common facilities shared by all unit owners such as the hallway, elevator, lobby and exterior areas like swimming pool, garden and gym.
Can a condo association evict a tenant in Massachusetts?
The condominium association can require the unit owner to evict the tenant; if the unit owner fails or refuses, the condominium association may be able to take separate legal action against the owner and levy stiff fines.
What does it mean when a condo is not warrantable?
When a condo is labeled as non-warrantable, it means that it does not meet conventional guidelines and will not be bought by government-backed entities like Fannie Mae and Freddie Mac. Many lenders consider financing a mortgage for this type of property to be too risky which can make it harder to finance.
Which of the following must apply for a condo to be considered Warrantable eligible?
For a condominium complex to be considered “Warrantable,” it generally must meet the following requirements: Most of the units are owner occupied or second homes; not investment properties. 15% or less of the units can be 30 days delinquent on HOA dues. No more than 10% of a project can be owned by a single entity.
How do you tell if a condo is Fannie Mae approved?
Quickly and easily determine if a condo project meets Fannie Mae’s requirements. Fannie Mae’s Condo Project Manager™ (CPM™) is a free, web-based tool that enables lenders to quickly and easily certify a condominium project (or a legal phase of a project). The project must be eligible under the Full Review requirements.
What is the mop for condo?
According to HDB, Minimum Occupation Period (MOP) is the required time frame we need to stay in a flat before resale. Typically, it lasts for about five years, and it is calculated from the day we collect our keys from HDB.
Is there MOP for resale condo?
For private housing, there is no MOP, but your main worry is the Seller Stamp Duty (SSD). You have to pay this if you sell your private housing within the first four years: Sold within the 1st Year – 12% stamp duty.