Here are some key questions that need to be answered in order to determine which lenders will consider this property:
- Are you interested in purchasing this property as your primary home, a second home or as a rental?
- What is the expected loan amount and purchase price?
- How many units will be rentals once your purchase is complete?
- Does any one entity own more than 1 unit?
- Is the HOA involved in litigation?
- What percentage of HOA dues are more than 30 days delinquent?
Difficult but not impossible. There are some local portfolio lenders who will do the loan, but you may not be able to get a 30-year fixed rate and you also may have to put more than 20% down. Other agents here may be able to quote you the precise product available. The landscape changes so frequently, that it's difficult to keep up.
You may (may!) also be able to get approval for the condo building from a larger institutional lender like W-F or BofA, but the process could be lengthy, time-consuming and not at all certain.
Lance King/Owner-Managing Broker