Best of Luck!
Condo's are a beast to financing. US Bank is one of the few lenders that doesn't require a condo questionnaire allowing a lender to fund without all those questions that kill a loan. Wells Fargo is real good about being the first lender in a new complex.
I have access to private money. As long as you get the property at 75% of its value, then no money is required for down payment. The rate is higher (starts at 9.5%) and fees are higher but it's pretty much no questions asked. The credit report is not needed, only the scores. Foreign Nationals love this product.
Gosh, don't put 20% down on a condo unless someone is putting a gun to your head. Fannie Mae only requires 10% down with mortgage insurance. Pay the MI. It's better than putting that money down and seeing it go to the wind when the association implodes.
A note about condo communities in general / I can speak 100% on financing for Natomas condos.
We are residents here in Natomas,and sell many homes here in the community.
Condos we have had our battle with on searching far and wide how to finance them.
Answer is Banks wont lend on Condo communities as a whole, conventional or not. We tried.
There is usually litigations going on, and most times its a No.
We work with very experienced lenders and one way to get around to have a chance to finance is to look under the HUD owned condos. They are bank owned (HUD OWNED) and are now stuck with the condo. HUD will finance FHA ONLY, Not conventional (for condo specific) which means your paying MI(Mortgage Insurance now for the lifetime of the loan).
Another consideration is buying a "townhouse" although its the same thing in my opinion..we are actually in a transaction for a buyer who tried to do the condo financing the word "townhouse" made it different in the banks eyes..
Its important to work with agents that know what you would be able to purchase.
They will need to some homework (checking with lender, homeowner association) prior.
There is a list of FHA condo communities the lender can get to you, however this list has shrunk.
Otherwise, its the waste of your time, and theirs.
The ones in Natomas are getting bought up by cash buyers all day long. Most other areas in Greater Sacramento, so the competition is fierce! Financing vs. Cash is no brainer, the banks taking the cash.
Feel free to call us anytime, there is more to write or other possibilities but bottom line extremely difficult to finance condos.
Owners who have had a foreclosure 2 years ago just got approved to buy a new home. According to their site http://www.cfsflex.com you can qualify one day after a foreclosure.
They have a program called Flexible Credit Loan which seemed too good to be true, but I have heard that many got approved and now have a pending offer, even after the short sale less than two years ago. Big banks said it could not be done.
Obviously it can.
I can get you the exact information you need but I would need to talk to you about your specific situation including the condo cost. It's hard to give you a good answer without more information but I think you be able to buy something with 20% down. Call me to discuss.
JCL Realty, Inc.
There are no slam dunk loans anymore these days.
Some properties won't qualify. Sometimes a buyer won't qualify for the most surprising of reasons.
But if you want to buy, you got to try.
(Thank you Johnny Cochran)
Make sure you consider putting a loan contingency in your offer.
It truly is best to talk directly w/a lender, provide them a copy of recent
credit report, income & credit obligations, information on your short sale
and they should be able to give an answer on their guidelines withink 24
hours. And yes, it will vary from lender to lender. If they have recently
done a short sale buyer repurchase they will have an answer quicker.
Also an issue will be that the condo association has to pass FNMA or
You can either "dial for a loan" contacting lenders directly or find an
agent you want to work with and have them assist.
Better Homes & Gardens
If you want more information about the lenders I use that do this, contact me privately, and would be happy to help.
Nancy S Bergman
Realtor - Lyon Short Sale Certified
DRE # 01893550
Lyon RE Downtown
2801 J Street
Sacramento, CA 95816