cema

Cherrywood -are they looking to do a purchase cema to save the mortgage tax amount on the seller's current mortgage? This shouldn't be a problem with lender familiar with cemas. Condo approval is a completely separate issue. Sounds like you're talking about an established condo, fully sold and they don't meet the 10% reserve requirement on the budget. Do you know if the hoa has been turned over to the unit owners? <20% commercial space? If you email me the condo, I can do some research on whether this condo is compliant or qualifies for a "limited review" where budget review isn't required. Sunny.hong@bankofamerica.com

Or is this a refinance transaction?

Sorry, not sure what happened but what I was trying to say after "hoa turned over to the units owners is: a budget review isn't required if the condo qualifies for a "limited review." if you email me the condo, I can do a little research. Sunny.hong@bankofamerica.com

Mortgage Broker here with a relationship with Wells Fargo. Wells will do a CEMA.
email the name of the condo and address for further information. Wells can tell me if it's on their FHA approved list.

Ellen Silverman
esfundingco@aol.com
www.instantlender.com