Financing in Dallas>Question Details

Rick Michels, Real Estate Pro in 75206

Looking for a mortgage loan for a condo. Project is still 14% owned by the developer.

Asked by Rick Michels, 75206 Fri Jul 19, 2013

Property is in Dallas, worth about $190,000. The buyer is approved for a conventional loan, but the property does not meet fannie mae requirements because one owner owns more than 10%.

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Hopefully you';ve purchased by now, but just wanted to check in with you and see if you were ever able to get the deal done and what lender you used.
0 votes Thank Flag Link Mon Dec 30, 2013
Bruce Lynn, Real Estate Pro in Coppell, TX
I have a lender that will 700 credit score and 20% down
0 votes Thank Flag Link Fri Jul 19, 2013
Do you know if he went in phases during the construction?

Barbara Coker
Licensed Mortgage Loan Officer
100% Home Loans All Over Texas
0 votes Thank Flag Link Fri Jul 19, 2013
This will be tough for any lender with investor owners at certain percentages.
0 votes Thank Flag Link Fri Jul 19, 2013
We offer financing for non warrantable condos, give me a call to discuss.

John Broussard
Newbridge Inbvestments
713-777-9996 Ext 103
0 votes Thank Flag Link Fri Jul 19, 2013
You'll likely need to have the individual contact a local bank as this will be considered a "portfolio loan", which will not be sold into the secondary markets. I have a number of banks that would likely take this loan depending on the individual's credit, but they will typically want to develop a complete banking relationship with the customer.

Michael Jones, CPA
Residential Mortgage Loan Originator
Mortgage Banker - NMLS #947445
Absolute Mortgage & Lending
4230 LBJ Fwy Suite 626
Dallas, TX 75244
Office: (972) 233-8800, ext 274
Cell: (972) 989-0238
0 votes Thank Flag Link Fri Jul 19, 2013
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