How Your Reserve Study Savings Can Affect Your Condo Loan - The Building Doctor Show Ep. 04

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In this episode, Jens spoke with Jill Jones, a lender specializing in financing solutions to Homeowners and Condo Associations. Jill is Vice President and Senior Community Association Lending Officer at Columbia Bank and is ready to answer your questions about the webinar! She also happens to be a long-time Board member at her own condo!
Jens and Jill discuss how your reserve savings can affect your HOA loan, and how Boards can approach funding repairs when your neighbors are nervous about spending.
Questions covered in this webinar:
1. How much should we have in our reserves if our reserve study hasn’t been done diligently? When do we know we need to look at assessments or raising dues? We always feel like we are ‘catching up’. How do we get ahead of it?
2. I had an inspection. It passed all the tests. A month later I found rot in my walls. $8,000 for repairs. Awesome. What could I have done differently?!
3. A lot of our community's owners wanted to sell as soon as they found out there would be construction repairs going on for the next two years. Are they allowed to just up and leave when we are in the process of getting a loan and making repairs?
4. Can lenders or building consultants help us fill out the Freddie Mac and Fannie Mae condo questionnaires for loans?
5. My condo board sent a letter to all of the residents about the new Fannie document asking about deferred maintenance, safety hazards, and reserve studies. Why are they asking me? Who should we go to for help?
6. The Fannie Mae form Question 6 asks if we have a funding plan for deferred maintenance. Does that have to be a plan that's approved by the homeowners? What if we have a plan to present homeowners with various options, but the vote on those options hasn't yet been held? How should we answer Question 6?
7. The Fannie Mae form asks, "Did the last inspection have any findings related to the safety, soundness, structural integrity, or habitability of the project’s building(s)?" Our inspector did find problems on our buildings, but is that going to prevent us from getting a loan?
BONUS: Live Q&A at the end!
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