I'd rather do the loan for $69,000. As Mr. Owen pointed out, the loan would be too small. Of course, my minimum is $100,000, so you'd have to buy 2. I don't care about your credit score if you don't care about my rate and fees.
Condo's are the scariest type of property next to mobile homes because of the risk that's involved in buying them. Consider that the condo must have sufficient reserves in order to keep its residents from having to pay an assessment if something major needs to be fixed. If there are too many rental units in the complex, there runs a risk of too many foreclosures and ensuing implosion of the association.
Moving forward, we help you fix your credit after one year. Now, you go to the bank and request a loan to refinance into a better rate. You'll have to get a condo questionnaire (unless you use US Bank) and if the numbers don't jive with the lender's requirements, then you won't get financed.
Some of the things they look at? I actually just wrote a blog on this subject: How many delinquent accounts? How many units owned by the same person? Has the association been handed over to the owner's or is it still with a builder (for new complexes). How many renters? How many investment properties? How many? How many? How many?........ more