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CCAR Lunch & Learn March 7, 2013

CCAR Lunch & Learn March 7, 2013 . Property Dos & Don’ts. Ask the lender about closing time frame. Generally 30 days for conventional and 45 days for government loans. Condo Questionnaire – Get the condo questionnaire completed EARLY by the lender.

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CCAR Lunch & Learn March 7, 2013

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  1. CCAR Lunch & LearnMarch 7, 2013 Property Dos & Don’ts

  2. Ask the lender about closing time frame. Generally 30 days for conventional and 45 days for government loans.

  3. Condo Questionnaire – Get the condo questionnaire completed EARLY by the lender. • Red flags: Percentage of primary residences and 2nd home owners needs to typically be 51% or higher for established projects. 70% in new projects. • Number of units currently 30 days past due or more on HOA dues needs to be 15% or less. • 10% replacement reserves.

  4. Subject property repairs • Are repairs needed? • Who is going to make repairs? • Repair escrow?

  5. Scott Tripp BB&T Certified Mortgage Loan Officer NMLS# 415723 301 Wright Blvd Conway, SC 29526 (843) 488-7413 stripp@bbandt.com bbt.com/ctripp

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