It’s not anything that should make you turn the other way. After all, there are so many wonderful condominium complexes in San Diego County—some with spectacular views of the Pacific Ocean. On a clear day, you can often see all the way to Catalina Island from many of the condominiums for sale.
If you plan to buy a condominium in California, then you need to speak with your mortgage lender before making an offer. (The dirty little secret has to do with homeowner’s associations and owner-occupancy ratios.)
Mortgage lenders have really tough guidelines right now (special thanks to our wonderful economic challenges of years past). Some homeowner’s associations may not be financially solvent or may have pending litigation. These issues, as well as the owner occupancy ratios, can make it difficult for some mortgage lenders to qualify a buyer for a specific condominium in a specific complex.
So, if you find a condominium that you really love, make sure to check with your mortgage lender and assure that you can be provided with a loan to purchase a condo in that specific complex.
Once great place to start shopping for condos is right here. If you see anything that you like or if you need a referreal to a good mortgage lender, please contact us.