there are 75% renters and 25% owners who occupy the units??????
2007-01-20 07:13:28 · 5 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
it's called a non warrantable condo... How much are you putting down?
2007-01-21 05:31:03 · answer #1 · answered by Anonymous · 0⤊ 0⤋
There are a few lenders that will do this type loan for you, how ever it would take you a long time to find one.
My suggestion is that you find a mortgage broker. This person has a variety or lenders that underwrite his loans for him. He will find a lender that is able to accomplish what you want.
You will find him listed in your telephone book. Call him and tell him what you are seeking.
In order to find out if you are qualified for a loan program, he will fill out this application, which takes awhile so grab your favorite beverage and sit down.
Once you have completed the application, he can find a lender that will underwrite your loan.Your mortgage broker will now order an appraisal to show proof of the property value.
When you speak with the mortgage broker you will need the following documents to complete the loan application
#1 One month of pay stubs for each person that will be on the mortgage.
#2 Six months bank statements from each bank in which you bank as well as statements from any 401K from you place of employment.
#3 Two years of federal income tax along with the W-2 that match.
The mortgage broker might ask for additional information or documentation, don't get all up tight this is normal, just supply the information or find the documents needed.
After the appraisal has been completed you will be called by your mortgage broker to sign your loan docs.
I this has been of some use to you, good luck
"FIGHT ON"
2007-01-20 15:36:21 · answer #2 · answered by Skip 6 · 0⤊ 0⤋
Being a loan processor for a mortgage lender, a broker is just going to shop around to the lenders he knows and the lenders have investors. I honestly do not know of any investors that would accept that. Most of them have a minimum of 55% Owner Occupied, maybe and I stress maybe %50 depending if they service their own loans. I would recommend finding a new property.
2007-01-20 17:17:01 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Sure there are lenders that will finance a condo. You may pay higher interest due to the ratio of renter vs. owners. Check with your local mortgage lender.
Who have you inquired with so far?
2007-01-20 15:26:56 · answer #4 · answered by NH Realtor 2 · 0⤊ 0⤋
Skip is correct. This is just the type of situation where a mortgage broker can help!
Good luck.
2007-01-20 16:16:11 · answer #5 · answered by CJKatl 4 · 0⤊ 0⤋