Financing in 43201>Question Details

Allen Ayers, Home Buyer in Columbus, OH

Conventional Loan with low or no downpayment

Asked by Allen Ayers, Columbus, OH Wed Jan 9, 2013

My wife and I are trying to buy a condo in the Victorian Village/Harrison West/Short North area. Unfortunately there are not any condos that can get approve for an FHA loan. Are there any lenders out there that offer programs with a low or no downpayment? I would love to talk to anyone who can help me out with this.

0 votes Share Flag Financing in 43201

Help the community by answering this question:

Answers

11
You can actually do 3% down on a condo - just depends on the condo and if it's conforming:)
Give me a call or email!

To apply online go to: http://www.lenderohio.com

Jodi McCoy Vermillion
(NMLS # 227336) (LO.021770.001)
SENIOR LOAN OFFICER
THE VERMILLION LENDING TEAM
CONCORD MORTGAGE GROUP
A Full Service Mortgage Banker
735 Ceramic Place, Suite 220
Westerville, Ohio 43081
DIRECT: 614/212-6929
Cell: 614/206-1687
Fax: 614/300-2955
Loan Officer Assistant/Processor (Kristin): 614/212-6916
203K Coordinator (Tammy): 614/212-6954
Email: jodi@concordmg.com
Website: http://www.lenderohio.com
To Apply On-Line Click Here: http://www.lenderohio.com



My business is based on referrals. If you know anyone who might be purchasing or refinancing a home, I would be happy to help. Any referral would be greatly appreciated.

________________________________________
Electronic Privacy Notice: This e-mail, and any attachments, contains information that is or may be covered by electronic communications privacy laws, and is also confidential and proprietary in nature. If you are not the intended recipient, please be advised that you are legally prohibited from retaining, using, copying, distributing, or otherwise disclosing this information in any manner. Instead, please reply to the sender that you have received this communication in error, and then immediately delete it. Please advise immediately if you or your employer do not consent to Internet e-mail for messages of this nature. Opinions, conclusions and other information in this message that do not relate to the official business of the Company shall be understood as neither given nor endorsed by it. It is the Company’s policy that e-mails are intended and should be used for business purposes only.
0 votes Thank Flag Link Sat Feb 9, 2013
North of Broad in the King Lincoln District just finished some beautiful condos with a number of different types of financing deals including low down payments and tax abatements. We also couldn't believe how low the condo fees were. My wife and I loved them, but we ended up getting a house in the area instead. That's NOBO though...if you are set on the Short North area, my comment is useless to you! But good luck anyway.
0 votes Thank Flag Link Tue Jan 15, 2013
Allen, That is a problem today. Two suggestions for you. First contact the lister of the property and see if they have researched the financing options. Second, Check with the Local Banks and Savings and loans about financing in this project. Sometimes they will hold the mortgage themselves instead of writting the loan to the SECONDARY MARKET (FannieMae, FreddieMac) requirements. With most of the lenders I deal with they are requiring 10% Down and will require mortgage insurance. There are also other requirements the condo needs to meet to be eligible for the Secondary Market. Talk with an experienced loan officer in your area. Other than that have your Realtor only provide you with listings of homes/Condo's that will allow FHA Financing.
0 votes Thank Flag Link Wed Jan 9, 2013
Allen, I'd suggest you do some homework before doing a portfolio loan. They are good in certain cases. However, they are not for everybody. They can be more risky and more costly than a standard loan. Your closing costs will likely be higher and so will your interest rate. People rarely get a portfolio loan if they can get a conventional loan. Also, there are reasons why a property does not qualify for FHA and sometimes not even for a conventional loan. That means lenders are afraid to loan on it. You might want to find out why. If it isn't at least a "conventional conforming" property I'd be cautious. But that's just me.

BTW, I'm not an attorney and I don't want to step on anybody's toes, including your agent, if you have one.
0 votes Thank Flag Link Wed Jan 9, 2013
Thanks for your responses. I will look into Key Bank. I was also looking into a Flex 97. Does anyone know anything about that program?
0 votes Thank Flag Link Wed Jan 9, 2013
Yes this program through Key bank allows condos. I have sold a few with this program all condos, all in communities where FHA were not allowed.
0 votes Thank Flag Link Wed Jan 9, 2013
Yes, depending upon your credit scores you may be able to get a conventional loan with 5% down. Our lender has provided them for our buyers. I don't know of anyone doing zero down loans any longer.
0 votes Thank Flag Link Wed Jan 9, 2013
Hi Allen. Give Lori a call, info below. Fearon Financial can do 5% down conventional loans.

Lori Ashcraft
614.310.4424 Direct
614.496.8692 Cell
LoriA@smartermortgages.com

Let me know if I can help with anything else. Good luck!
Amy
0 votes Thank Flag Link Wed Jan 9, 2013
Unless you can get a portfolio, as Molly mentions. I don't recommend portfolio loans. I'll bet that that loan doesn't apply to condos but maybe Molly can correct me.

Jim
0 votes Thank Flag Link Wed Jan 9, 2013
Allen, you will have difficulty finding what you are looking for. Not only is it almost impossible to find low/no down payment for a condo but if you go conventional your down payment will probably go up. Lenders are still very skittish about loaning money for condos and it's difficult to get mortgage insurance for a condo. I'm pretty sure that hasn't changed recently.

Good luck.

Jim Deskins
The HomeBuyer's Advocate
http://www.Advocate4Buyers.com
0 votes Thank Flag Link Wed Jan 9, 2013
Key Bank offers a portfolio loan with zero down. There are requirements for the loan just like any other loan but that is an option. Are you working with a realtor? If not a buyer’s agent is a free service to you! Make sure you interview a few agents that specialize with buyers, condo's and know the various loan programs and options. Good Luck!
0 votes Thank Flag Link Wed Jan 9, 2013
Search Advice
Ask our community a question
Email me when…

Learn more

Home > Ohio > Franklin County > Columbus > 43201 > Financing in 43201 > Question
Copyright © 2016 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer