Author Topic: Irvine Pacific Built Motorcourt homes - Condo or SFR?  (Read 526 times)

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Offline Irvinehomeseeker

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Irvine Pacific Built Motorcourt homes - Condo or SFR?
« on: August 20, 2019, 11:17:44 PM »
I am finding that when Irvine Pacific sells motorcourt homes such Petaluma, Marin, Vivo etc as new construction, it lists them as SFR - even the ones it has built and listed on Redfin.At the time of purchase,  On paper IP says you are buying detached condo which is very much like SFR.  The builders lender doesnt make any rate difference at the initial purchase by offering same rate as SFR. But when I tried to refi the detached condo, I found that county title says Condo and hence  have to pay .25% more due to the condo rider. Thought of sharing...

Offline aquabliss

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Re: Irvine Pacific Built Motorcourt homes - Condo or SFR?
« Reply #1 on: August 21, 2019, 12:33:59 AM »
1) Sue TIC for the points you have to buy to pay down on the refi
2) Hold sign outside your community that says “Shame on TIC”
3) Write a coffee table book about your experience
4) Settle with Donald Bren for millions
5) Upgrade to La Vita
6) Refi your La Vita purchase
7) Repeat from Step 1

Offline Kings

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Re: Irvine Pacific Built Motorcourt homes - Condo or SFR?
« Reply #2 on: August 21, 2019, 06:04:48 AM »
I am finding that when Irvine Pacific sells motorcourt homes such Petaluma, Marin, Vivo etc as new construction, it lists them as SFR - even the ones it has built and listed on Redfin.At the time of purchase,  On paper IP says you are buying detached condo which is very much like SFR.  The builders lender doesnt make any rate difference at the initial purchase by offering same rate as SFR. But when I tried to refi the detached condo, I found that county title says Condo and hence  have to pay .25% more due to the condo rider. Thought of sharing...

what if you refi with the same lender?

Offline TCT

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Re: Irvine Pacific Built Motorcourt homes - Condo or SFR?
« Reply #3 on: August 21, 2019, 04:00:30 PM »
We had similar issue when looking at homes. Many realtors and builders list and act like a detached condo is a single family.

Some lenders give the same rates for both SFR and Detached condos in Orange County. For example we were quoted the same exact rate from Provident Funding for a single family and a detached condo resale. Both were around the same price. Other places quoted anywhere from 1/8 to 3/8 difference.

Offline Irvinehomeseeker

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Re: Irvine Pacific Built Motorcourt homes - Condo or SFR?
« Reply #4 on: August 21, 2019, 04:34:21 PM »
Agree with above from TCT. Original lender Wells Fargo gave same rate for detached condo  as  an SFR for both initial purchase and refi. Now the new lender who has a better rate and costs is adding in the condo rider to increase rate by .25%.


 

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