Today, Wells Fargo turned down a mortgage applicant with a very, very high credit score. The reason the applicant was turned down, because she put in an offer on a condo at Tremont-On-The-Common (151-Tremont Street). So what?
I spoke with the Mortgage Broker from Wells Fargo and he informed me that my agent’s client has: “A high credit score, but 151 Tremont Street has a problem”. I asked what’s the problem? His answer was: “151 Tremont Street, has a high percentage of condo owners that aren’t paying their condo fees”. In other words MAJOR PROBLEM!
It’s getting tough out there.
The good news, we found her a mortgage broker that would approve the loan. The moral of the story, check out the Management Company and find out the financials of the condo association before putting in an offer. It could save you a lot of time.