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Condo Association Can't Qualify for HOA Loan? Try Pooling Home Equity Lines

stephen polinsky on Feb 9, 2009 7:24:00 PM

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Qualifiations for an HOA Loan or Condo Association Loan may not work for your Community Association for a number of reasons.  Most HOA lenders require the HOA to have atleast 20 condo units, 50%+ owner occupation and a HOA loan amount of $75,000-$100,000 at minimum.

If your Condo Association or HOA does not meet these criteria, another option to special assessments and condo reserves may having each condo unit owner pull down a Home Equity Line (HELOC) to cover the cost of condo association common area projects.

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