Peakonehomes

The Lending world in Summit County In today’s current lending environment you may think that getting a loan for a home is impossible. It turns out that it isn’t. The truth of the matter is that banks have gone back to the good old days of 20% down with verifiable credit and/or assets. So why is it that your real estate broker in Summit County, is asking you not to use your mortgage broker from Texas? He has done three loans for you and they all went smoothly. The fact is, Summit County is largely a second home and vacation home market. As many as 80% of the homes here are either rented short term, or they sit vacant the majority of the year. When your broker from outside of the county tries to get your deal for a two bedroom condo through underwriting, they have to approve the building (not just the unit) to ensure that they are not financing a “condo-tel”. Unfortunately the vast majority of the condos in Summit resemble some type of “condo-tel”. A “condo-tel” is a building that functions as a hotel but whose deed has been condominiumized and sold to individual investors that make up the home owners’ association. Lenders outside of vacation markets don’t like these types of properties. When purchasing a condo in Summit County please take some time to talk to a lender that is accustomed to financing Summit County properties (preferably a lender in Summit County). You may find that the run up to the Loan Conditions Deadline will be a little less stressful. From The P1H Team WWW.PEAKONEHOMES.COM Summit County Real Estate Professional