Financing in Walnut Creek>Question Details

Mike, Other/Just Looking in Palo Alto, CA

How can I find a mortgage broker or bank willing to finance condos in $50-$60k in contra costa county?

Asked by Mike, Palo Alto, CA Tue Mar 8, 2011

Is there any way to find out if there's litigation going on with the condo?
1) 1771 broadway
2) 1060 Oakgrove

Help the community by answering this question:


The easiest way is to have your realtor call the listing agent and get the information first, if not have them get the HOA information and call directly.

Condos have multiple issues that can affect financability such as:

1) Is it Fannie Mae Approved
2) Is it HUD Approved (for FHA financing)
3) Is it 50% or more owner occupied
4) Are the HOA dues less than 15% delinquent
5) Is there litigation on the property

Depending on the type of financing will determine if you need option 1 or 2 , but 2-4 is required for most financing.
0 votes Thank Flag Link Wed Mar 16, 2011
If property is listed with a realtor they should have that information. Otherwise, the seller should know this. If not, you can contact the homeowners association management company. As far as mortgage brokers or banks, first go to your bank or contact Bank of America. I have a very good lender at Bank of America and also at Metlife Home Loans.
0 votes Thank Flag Link Mon Mar 14, 2011
Your Realtor has to inform you about litigation or you can ask the HOA. As far as small loans, most brokers won't touch them because there not profitable. Your best bet is local banks and credit unions. They will probably work for the usual 1% loan origination fee.

Although, there are two mortgage professionals on this thread that said they'll help you. You might want to contact them too.

Happy funding, Rudi
Web Reference:
0 votes Thank Flag Link Sat Mar 12, 2011
Ok, you're saying it is not too difficult but I have wasted time with a few brokers putting inquiries on my credit report only to later find out that they cannot finance condos below $100k. What type of interest rate is available? I have great credit, and do not want to owner occupy but for investment purposes so maybe this changes things? Any one that can do this type of loan, please let me know as I would like to buy soon. Thank you.
0 votes Thank Flag Link Fri Mar 11, 2011
That is not too difficult. I can help you, I work in Walnut Creek. As far as litigation is concerned your realtor can find out that information
0 votes Thank Flag Link Tue Mar 8, 2011

I would be able to assist you with your financing. If I can be of service, simply get in touch at the contacts below.

Rob Spinosa
0 votes Thank Flag Link Tue Mar 8, 2011
Hello Mike,

You should contact the condo board or have your realtor contact them for you to find out if there is any ongoing litigation. And for financing, I always suggest you start with your bank or credit union, someone reputable for sure.

HOA for Broadway is Broadway Plaza...the number is 925-746-0542
HOA for Oakgrove is Oak Creek...the number is 925-212-6673

Please make sure you are working with a knowledgable realtor, we are all here to assist you if you need us :)
0 votes Thank Flag Link Tue Mar 8, 2011
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