Looking for a mortgage

Profile picture for TkNeo
I am looking for a primary residence conventional mortgage for a condo (list price $155,000). So far, only 25% or so units in the condo building are owner occupied. The developer could not sell the units when the condos came to market in 2007. For now the developer is renting the units and planning to sell them when the market turns. I am looking for a lender who would not care about the owner occupied criteria in the condominium community.

I am flexible to do a down-payment of upto 30% or so. Our credit scores and incomes would not be a problem.
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0Yes

December 27 2011 - Minneapolis
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Profile picture for LUXURY HOME LOANS CA
Tk- I believe I answered this question for you before. If not, or you misplaced the link, here is the link for condominium requirements for Fannie Mae & Freddie Mac: http://www.freddiemac.com ... condo.pdf We have a very good assortment of portfolio lenders, although, this one would be hard to receive a lender exception.

I also would be concerned what will happen to their HOA fees and will the project ever receive an approved condo HOA status. If not, all future buyers will have similar problems as you are experiencing, unless they come in with an all cash purchase. ... Best wishes.

Happy funding, Rudi
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1Yes

December 27 2011
Profile picture for Mr.Mortgage tm
Yes, this could be funded at close to standard rates, with a review. Currently you are looking at a non-warrantable condo unit, but we fund with  it be coming a warrantable condo shortly. Let me know the rest of the particulars, and I will get it funded for you, if you like. Please let me know if you are ready to do something.

Hope this helps.

Jim Pendleton MrMortgageTM
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1Yes

December 27 2011
 
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