Harbortown Crossing
We are here to Serve the owners
Our website, harbortowncrossingowners.com, was initiated by concerned owners, primarily from buildings #25A and #25B. The purpose of this website is to provide important information regarding owner investment in our properties as well as the affairs and business decisions of the Association, as managed by the Board of Directors.
We will continue to use the website as long as it is needed by the owners and/or the Board until we establish an office according to the Bylaws for the Association that is accessible to the membership and is used for storing all recent/ historical records, which include its website.
Evangeline Dixon, Member/Director
Harbortown Crossing Homeowners Association
752 Harbortown Blvd.
Perth Amboy, NJ 08861
Evangeline Dixon (908) 421-5652
Market Analysis
Harbortown Crossing & FHA Certification
The Condominiums managed by the Harbortown Crossing Condominium Homeowners Association have lost their Federal Housing Authority (FHA) certification and, since 2012, are non-warrantable condos. This means they do not meet FHA or VA guidelines for mortgage loans needed to purchase condominiums in our community and cannot be backed by government entities like Sallie Mae and Freddie Mac. These agencies ensure these loans to the banks that provide the funds. Without these guarantees, many lenders consider financing a mortgage for this type of property too risky, making it harder to finance without substantial cash down payments. For example, closing costs on a non-warrantable condominium with a purchase price of $300,000 – $400,000 can be from 10% – 20% of the purchase price (closing costs can range from $12,000 – $20,000). This results in a negative impact on our property values.
A condominium is deemed warrantable if:
- There are no lawsuits targeting the homeowner’s association (HOA).
- Less than 15% of the other occupants are in debt with their association dues.
- Commercial space accounts for no more than 25% of the building’s square footage.
- An owner occupies the majority of units.
- FHA will require a percentage of the (HOA) fees which must be placed in reserve accounts each month.
FHA and VA loans offer:
- Low down payments of 0 – 3.5%
- Flexible credit review
- Lower closing costs: seller can help pay closing costs
Buying a Condo
Do your research when making major purchases such as a house or condo. Speak to mortgage professionals about current lending rules and interest rates to help make informed decisions.
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Send Us A Message
Call Us: (908) 421-5652
