Financing in Laurel>Question Details

Brian Holt, Real Estate Pro in Fulton, MD

Im looking for lenders who can finance a non warrantable condo in MD.

Asked by Brian Holt, Fulton, MD Thu Jan 12, 2012

Delinquency rate is higher than 15%, so FHA is out. I need a low downpayment alternative. Property is in excellent condition, and is not a foreclosure nor short sale. Potential buyers are owner occupants.

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Another option....can the seller hold a note back so the buyer can put 20%+ down?
0 votes Thank Flag Link Thu Jan 12, 2012
Thanks for the replies. The ratio is well above 15%, so nothing much can be done there. Already spoke with Dan- doesnt look like he can help.
0 votes Thank Flag Link Thu Jan 12, 2012
Brian,

How much is it above 15%? I have found if it is slightly over, the time of the month it is pulled makes a big difference. If it is pulled early in the month, home owners are initially late, but may square away at middle to the end of the month. First try having it re-pulled

I've had success with 1st Mariner Bank before. Sometimes if the buyer is very well qualified they will hold the mortgage and therefore won't need to follow all the guidelines. Reach out to Danny Gough.
0 votes Thank Flag Link Thu Jan 12, 2012
Brian, if you can please send me some information on the condo project. There is a slight chance we can accommodate it but I need to find out some more details about it.

Elliott R. Oliva
NMLS #353884
Mortgage Banker
Primary Residential Mortgage, Inc.
202-681-1636 direct
eoliva@primeres.com
"Se habla Espanol"
0 votes Thank Flag Link Thu Jan 12, 2012
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