Zillow Advice: Mortgage Types - What is being done to fix the problem for financing resort area condo? http://www.zillow.com/advice-thread/What-is-being-done-to-fix-the-problem-for-financing-resort-area-condo/384785/ Zillow Advice | Zillow Real Estate You are probably in Willow ... http://www.zillow.com/advice-thread/What-is-being-done-to-fix-the-problem-for-financing-resort-area-condo/384785/ You are probably in Willow Creek Condos, North Bay or Cool Creek?&nbsp; It is your HOA that is not approved.&nbsp; I had a client buy in Willow Creek and he went through his Credit Union and received a portfollio loan and closed the deal.&nbsp; This was in November of 2010.&nbsp; There are some lenders out there that have the ability to do it.&nbsp; Mon, 07 Feb 2011 14:22:00 GMT http://www.zillow.com/advice-thread/What-is-being-done-to-fix-the-problem-for-financing-resort-area-condo/384785/ 2011-02-07T14:22:00Z Cita there are portfolio ... http://www.zillow.com/advice-thread/What-is-being-done-to-fix-the-problem-for-financing-resort-area-condo/384785/ Cita there are portfolio lenders that will lend on condos with over 51% investor owned. But, not on an investment purchase. The condo needs to be the new buyers primary residence. Also, no condotels or time-share activities are allowed in the project. .... Happy funding, Rudi&nbsp; Sat, 12 Feb 2011 20:30:00 GMT http://www.zillow.com/advice-thread/What-is-being-done-to-fix-the-problem-for-financing-resort-area-condo/384785/ 2011-02-12T20:30:00Z I heard from the last of ... http://www.zillow.com/advice-thread/What-is-being-done-to-fix-the-problem-for-financing-resort-area-condo/384785/ I heard from the last of any possible lenders today.&nbsp; There in NO Money for condos in complexes with less than 51% occupancy.&nbsp; Those that used to do portfolio loans for these homes are either out of business or no longer do them.&nbsp; I CAN'T BELIEVE THIS ISN'T IN THE NEWS!<br/><br/>The buyer with 25% down and great credit got his deposit back.&nbsp; <br/><br/>If someone has some real leads for lending, contacts of people who have been able to get financing under the new guidlines, political contacts who will really help, or knows a resort community who has successfully fought this please let us know.&nbsp; Sat, 12 Feb 2011 01:58:00 GMT http://www.zillow.com/advice-thread/What-is-being-done-to-fix-the-problem-for-financing-resort-area-condo/384785/ 2011-02-12T01:58:00Z I just went thru this with ... http://www.zillow.com/advice-thread/What-is-being-done-to-fix-the-problem-for-financing-resort-area-condo/384785/ I just went thru this with a client also in Nov. Her loan officer at a national company suggested she do a FHA loan on a condo. The regs are extremely hard as previously mentioned now with government funding and the only way to purchase a condo&nbsp;is either conventional loans or cash. Not to worry, there are good lenders out there ready to work for qualified buyers and mortgage companies are loosing up a bit too. Mon, 07 Feb 2011 19:02:00 GMT http://www.zillow.com/advice-thread/What-is-being-done-to-fix-the-problem-for-financing-resort-area-condo/384785/ 2011-02-07T19:02:00Z I have a listing at the Arrowhead ... http://www.zillow.com/advice-thread/What-is-being-done-to-fix-the-problem-for-financing-resort-area-condo/384785/ <p>I have a listing at the Arrowhead Lake Estates&nbsp;AKA North Bay Condos, my sellers are in a position to carry the full note however I am composing a list of lenders that loan on condos just&nbsp;to have available for my buyers. so far only a&nbsp;couple&nbsp;and the guildlines are&nbsp;strict and rates&nbsp;are painful. I'll keep you posted &nbsp;</p> Mon, 07 Feb 2011 18:32:00 GMT http://www.zillow.com/advice-thread/What-is-being-done-to-fix-the-problem-for-financing-resort-area-condo/384785/ 2011-02-07T18:32:00Z Have any other units in the ... http://www.zillow.com/advice-thread/What-is-being-done-to-fix-the-problem-for-financing-resort-area-condo/384785/ <p>Have any other units in the complex transacted in the last 6-12 months?</p><p>If so, have your agent provide you all of those addresses, and then any loan originator or title company should be able to check public record to find out who provided the financing for those transactions.&nbsp;&nbsp; Sometimes this can be a good way to get a lead on a possible option for new financing.</p> Mon, 07 Feb 2011 18:04:00 GMT http://www.zillow.com/advice-thread/What-is-being-done-to-fix-the-problem-for-financing-resort-area-condo/384785/ 2011-02-07T18:04:00Z Yes, Kim you are correct.&nbsp; ... http://www.zillow.com/advice-thread/What-is-being-done-to-fix-the-problem-for-financing-resort-area-condo/384785/ Yes, Kim you are correct.&nbsp; I have been told by my agent there is absolutely no money out there to lend on these condos.&nbsp; I will attend my homeowners' annual meeting next Saturday.&nbsp; What can they do to get approved, considering the make-up of the complex?&nbsp; I believe they have the required funds in reserve, but they aren't willing to force a sale of the timeshares or force owners not to rent their units.&nbsp; If you have any more ideas please let me know.<br/>Thank you! Mon, 07 Feb 2011 14:43:00 GMT http://www.zillow.com/advice-thread/What-is-being-done-to-fix-the-problem-for-financing-resort-area-condo/384785/ 2011-02-07T14:43:00Z More than 51% occupancy, ... http://www.zillow.com/advice-thread/What-is-being-done-to-fix-the-problem-for-financing-resort-area-condo/384785/ More than 51% occupancy, as long as it will be owner-occupied, there are portfolio lenders than will lend on this type of property. Your main&nbsp;problem is the&nbsp;<a rel="nofollow" href="https://www.efanniemae.com/sf/guides/ssg/sg/pdf/sel120110.pdf#page=589"><strong>Time-share</strong></a>&nbsp;aspect which is probably one of the reasons many folks bought into this complex. The ease of renting it out when they&nbsp;wouldn't be there.<br/><br/>Even when there were ton's of niche portfolio lenders, finding one that would lend on time-shares or condo-tels was difficult. The only way I know to fix this problem would be to to have the homeowners vote to change the by-laws of the association.<br/><br/>Happy funding, Rudi Sun, 06 Feb 2011 20:34:00 GMT http://www.zillow.com/advice-thread/What-is-being-done-to-fix-the-problem-for-financing-resort-area-condo/384785/ 2011-02-06T20:34:00Z Every portfolio lender I ... http://www.zillow.com/advice-thread/What-is-being-done-to-fix-the-problem-for-financing-resort-area-condo/384785/ Every portfolio lender I can find went under in the last year. Sun, 06 Feb 2011 20:07:00 GMT http://www.zillow.com/advice-thread/What-is-being-done-to-fix-the-problem-for-financing-resort-area-condo/384785/ 2011-02-06T20:07:00Z Just read your full inquiry. ... http://www.zillow.com/advice-thread/What-is-being-done-to-fix-the-problem-for-financing-resort-area-condo/384785/ Just read your full inquiry. Try to find a lender who will portfolio the loan. They may charge a little higher rate but they should provide the loan if the bbuyer meets their qualification requirements. Sun, 06 Feb 2011 18:45:00 GMT http://www.zillow.com/advice-thread/What-is-being-done-to-fix-the-problem-for-financing-resort-area-condo/384785/ 2011-02-06T18:45:00Z