Any mortgage loans for good credit when condo assoc. has no elected members?
Cyrese C asked:
I have an excellent credit score and am in the process of buying a townhome. Only problem is that the builder went under (unsold properties were bought by another and are being handled) and while there is an association, the members aren’t elected. This is making it very difficult to get a mortgage because of brand new laws that consider townhomes condos if you do not own the outside land, which I would not. We are working with a loan officer who is reasearching this, but I thought I would just check and see if anyone had heard of any alternate loans. (We are not going through federal loans as they require 90% of properties to be sold at the time of our purchase and they are not up to that percentage yet.)
I have an excellent credit score and am in the process of buying a townhome. Only problem is that the builder went under (unsold properties were bought by another and are being handled) and while there is an association, the members aren’t elected. This is making it very difficult to get a mortgage because of brand new laws that consider townhomes condos if you do not own the outside land, which I would not. We are working with a loan officer who is reasearching this, but I thought I would just check and see if anyone had heard of any alternate loans. (We are not going through federal loans as they require 90% of properties to be sold at the time of our purchase and they are not up to that percentage yet.)
Also, please only answer if you have a genuine idea, I would rather not hear opinions of why is the best/worst time to buy or that I should concentrate on finding a single-family home, Thanks:)
IVORY
If you want edit me? just go to your profile than add description text as many you like. ^_*
EMMETT
Cyrese, the issue you’re bumping into is whether or not the property is “warrantable” — in other words, can the mortgage company giving you the loan guarantee to Fannie Mae that the condo project — not just the unit you’re buying — meets their guidelines.
Search for non-warrantable condo lenders. My favorite one is AmTrust (they bought Ohio Savings Bank, which had the best non-warrantable program around) — but not all mortgage brokers have access to AmTrust’s programs.
1