HOMES AND HOMES AWAY FROM HOME
What Park City Condo HOA's need to know about Mortgage Financing:As we all know, it has become more difficult to qualify for a mortgage during the economic downturn. All Underwriting guidelines have become more restrictive, but what is hitting the Park City real estate market especially hard is the increased limitation on condominium financing. Most condo projects in our town allow for nightly rentals. Recently, this has become a deal-killer in mortgage lending. In some cases, having just one website advertising a unit for short-term rental will disqualify the whole condo development for financing. These rentals can push the project into classifications that lenders feel are too risky to loan on.Property management companies also need to be aware that if they post a project by name...
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