Question Details

Elizabeth Co…, Real Estate Pro in 08003

I have a client who is looking for a mortgage for a new construction condo that is in bankruptcy in Philadelphia. The building not the client.

Asked by Elizabeth Cohen, 08003 Mon Apr 25, 2011

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Hi, Elizabeth. A lot is going to ride on whether or not the condo is warrantable or FHA approved. Unless your client is putting down 20%, FHA would probably be the best way to go giving its inherent immediate and long term benefits. However, if the condo is not FHA approved or warrantable, then you're going to have to go non warrantable thru Fannie Mae/CONV financing. Most of the times this may required a min dp of 20%. Good luck.
0 votes Thank Flag Link Tue Apr 26, 2011
You may need a private lender.
0 votes Thank Flag Link Mon Apr 25, 2011
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