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Home Financing May Be Affected If Owner Temporarily Leaves Condo/Home – Dodd-Frank bill impacts

Dodd-Frank Bill changes to home financing may affect temporary absence from home/condo, etc.  From a banking law journal : 


” If you’re planning to vacate your house during a renovation financed with a home loan, your lender might have just one word for you: Unpack.

After the real-estate market crash and the passage of the Dodd-Frank financial reform law, many banks adopted new occupancy requirements for borrowers. These were meant to filter out house flippers—people who buy and renovate investment properties in hopes of profiting from a quick sale—and to ensure that only qualified borrowers buying a primary residence got the best loans with the lowest interest rate. Since banks view investor loans as riskier than loans for a primary residence, the terms are typically tougher. Interest rates on investor loans can be a percentage point or two higher, and borrowers may be required to pay more cash at closing.

Many lenders burned in the real-estate crash enacted their own occupancy requirements before Dodd-Frank went into effect in January, said Hillary Legrain, senior mortgage officer and vice president at First Savings Mortgage Corp. in Bethesda, Md. “Requiring a borrower to live in the home gives them more of an impetus to complete the construction and not abandon the property,” she said. The provisions apply only to refinanced loans and closed-end loans, which are loans that must be paid back by a certain time.

But these new bank-developed occupancy requirements have tripped up some honest homeowners who have had to prove they’re living in their home full-time, even as it’s being remodeled—and even when there are possible issues of health risks in the home, like lead-based paint or asbestos.

Some banks that didn’t draft their own occupancy requirements are interpreting elements of the Dodd-Frank financial overhaul law, such as the “ability-to-repay” provisions, to include an occupancy requirement, says Guy Cecala, publisher of Inside Mortgage Finance, a Bethesda-based mortgage-research firm. “If they are not living in the house, banks worry that under Dodd-Frank, it isn’t an owner-occupied mortgage anymore,” Mr. Cecala said.


November 10th Budget Meeting Will Shape Future Owner Monthly Costs

Annual Budget Meetings For Golden Lakes Village Coming In November

The amount that owners will pay monthly for next year is affected by the Annual Budget Meetings this time of year. These meetings give owners information and a voice in the budget making process, so owners benefit by attending and getting involved to control their monthly costs in the future.

When: for example, the Budget meeting for CONDO E in PHASE B is scheduled for November 10th –  at 10:30 a.m in the Clubhouse Auditorium Ask your Resident Director or the office about the date of your meeting and its location.

Attending this meeting is extremely important in order to fund the necessary maintenance of the community while also controlling increases in your future montly costs. 

Owner’s may decide, for example, if they wish to fully fund the reserves now and expect a larger increase in monthly costs to reside in Golden Lakes Village, or decide to stagger repairs, etc. over a few years to fix items as actually needed, thus seeing smaller increases in costs per month.

The CONDO E announcement from  Condo E Resident Director’s Email :

“I have already started the process to get us accurate information with which we can make an intelligent decision. The “Reserve Study” will tell us the following: The remaining life on our roofs, assuming that we continue with a maintenance program The remaining life of our asphalt (driveways and walkways). We need to know if we should let the association sealcoat our area or, if we are better off saving that money and getting new asphalt put down in a few years. The repairs that will be necessary to the pool and the pool house. We have the lesser of a split percentage with Condo F on any pool expenses. I don’t recall but we pay forty some percent. The remaining life of the painting of our buildings I don’t know whether the Reserve Study will tell us that we can reduce our maintenance from the figures we were given last year, which sent our condo into a frenzy and caused us to decide to contribute 1% to our reserves. That decision is going to cause us to pay more in the future. As I’ve already said, I supported that decision, and I was wrong in doing so. It is likely that we will have to increase the maintenance, but we will all be able to review the facts and develop the best solution for the residents of our Condo. We will all know this when the Reserve Study is done prior to our meeting on November 4. No emotional decisions. All facts. We will talk about the alternatives and options. We will discuss whatever we need to discuss to keep us Condo E(xcellent)! ”

Quick Overview Article with List of Key Words Used in Reserve Studes and How Reserve Studies are Prepared

A short introductory article describing key terms and concepts in Reserve Studies. Reserve Studes play an important role in the increases of your future monthly costs and keeping the condos in good condition.  Click the below link to see this short article by the Florida Community Association Journal:

Legal Requirements for Florida Annual budget Meetings:

Click below link to the 2013 Condo Statute and search for words “budget meeting” , annual, Etc. it explains owner rights and association duties As to budget meeting and other topics.

An excerpt of part of the statute governing budget meetings is below.

(e) Budget meeting.— 1. Any meeting at which a proposed annual budget of an association will be considered by the board or unit owners shall be open to all unit owners. At least 14 days prior to such a meeting, the board shall hand deliver to each unit owner, mail to each unit owner at the address last furnished to the association by the unit owner, or electronically transmit to the location furnished by the unit owner for that purpose a notice of such meeting and a copy of the proposed annual budget. An officer or manager of the association, or other person providing notice of such meeting, shall execute an affidavit evidencing compliance with such notice requirement, and such affidavit shall be filed among the official records of the association.

2.a. If a board adopts in any fiscal year an annual budget which requires assessments against unit owners which exceed 115 percent of assessments for the preceding fiscal year, the board shall conduct a special meeting of the unit owners to consider a substitute budget if the board receives, within 21 days after adoption of the annual budget, a written request for a special meeting from at least 10 percent of all voting interests. The special meeting shall be conducted within 60 days after adoption of the annual budget.

At least 14 days prior to such special meeting, the board shall hand deliver to each unit owner, or mail to each unit owner at the address last furnished to the association, a notice of the meeting. An officer or manager of the association, or other person providing notice of such meeting shall execute an affidavit evidencing compliance with this notice requirement, and such affidavit shall be filed among the official records of the association.

Unit owners may consider and adopt a substitute budget at the special meeting. A substitute budget is adopted if approved by a majority of all voting interests unless the bylaws require adoption by a greater percentage of voting interests. If there is not a quorum at the special meeting or a substitute budget is not adopted, the annual budget previously adopted by the board shall take effect as scheduled.

b. Any determination of whether assessments exceed 115 percent of assessments for the prior fiscal year shall exclude any authorized provision for reasonable reserves for repair or replacement of the condominium property, anticipated expenses of the association which the board does not expect to be incurred on a regular or annual basis, or assessments for betterments to the condominium property. c. If the developer controls the board, assessments shall not exceed 115 percent of assessments for the prior fiscal year unless approved by a majority of all voting interests.

(f) Annual budget.— 1. The proposed annual budget of estimated revenues and expenses must be detailed and must show the amounts budgeted by accounts and expense classifications, including, if applicable, but not limited to, those expenses listed in s. 718.504(21). A multicondominium association shall adopt a separate budget of common expenses for each condominium the association operates and shall adopt a separate budget of common expenses for the association. In addition, if the association maintains limited common elements with the cost to be shared only by those entitled to use the limited common elements as provided for in s. 718.113(1), the budget or a schedule attached to it must show the amount budgeted for this maintenance. See above link for complete legal info on budget meeting requirements.

NOTE: “Phase B” of Golden Lakes Village is classed as a “multicondominium association”, as mentionioned in the above section of statute 718, F. S.