Financing in Sacramento>Question Details

Home Owner, Home Owner in Sacramento, CA

Need help finding a lender that does not adhere to Fannie Mae/Freddie Mac guidelines.

Asked by Home Owner, Sacramento, CA Tue Jan 7, 2014

HOA has filed a structural defects lawsuit against the builder. We need to refinance before we could consider converting unit to a rental. Tried a local lender, but they said their underwriter couldn't do it. Now trying big lender, but anticipating the same outcome. The first agent said to look for a certain type of lender that doesn't adhere to Fan & Fred guidelines in order to get it approved.

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Rabobank in Roseville specializes in financing non warrantable condos. Our portfolio programs works with 20% down. I would love to help
916 225-5626
0 votes Thank Flag Link Sun Feb 9, 2014
There are a number of Lenders that offer programs for Non Warrantable Condos(Condos that do not meet Fannie/Freddie guidelines). As other posts have mentioned, most of these loans are done on Portfolio. BBVA Compass has a Portfolio Program for Non Warrantable Condos. We can lend on Condos in Litigation. Hope this helps. Please feel free to contact me with any questons or for more information.

Matt Brozek
Vice President- Mortgage Banking Officer
BBVA Compass
0 votes Thank Flag Link Thu Jan 9, 2014
Try getting a Conventional loan; doesn't involve Freddie or Fannie. Credit Unions, commercial banks, local community banks all offer conventional loans. Great rates at El Dorado Savings.
0 votes Thank Flag Link Wed Jan 8, 2014
Many lender's have portfolio loans that they can offer. I would be more than happy to help you.

Alex Greer
Loan Officer
NMLS #1056079

0 votes Thank Flag Link Tue Jan 7, 2014
Pacificwide Lending has MANY non conforming Mortgage Lenders. Please send me an email outlining your scenario at your earliest convenience and I will be happy to provide you with options. Thank you and I look forward to hearing from you!

Best regards,

Darren Carlin
Loan Originator / Jr Partner
CA BRE#01935124
Pacificwide Lending
5506 Sunol Blvd. Suite 200
Pleasanton, CA. 94566
Office: (925) 461-0500
Cell: (925) 872-0695
0 votes Thank Flag Link Tue Jan 7, 2014
Sorry to hear about your predicament. I worked with a loan officer in November that helped me close a condo for one of clients. Call me at (916) 945-9243 and I would be happy to pass along his information.

0 votes Thank Flag Link Tue Jan 7, 2014

One of my portfolio lenders will consider litigation if not structural (wont work)

Six of my portfolio lenders will consider litigation case by case (they would want to verify and determine if the litigation effects marketability, etc.)

One of my portfolio lenders will take it if the litigation is not reflected on the preliminary title report or on the appraisal (no documentation needed)

There is hope
0 votes Thank Flag Link Tue Jan 7, 2014
I broker and originate loans for about 30 portfolio lenders that do not need to securitize their loans through Fannie/Freddie and some of them will accept HOA litigation.

Feel free to contact me.

Thierry Abel

Senior Loan Consultant
All California Mortgage
A Division of APMC (Roseville, CA)
P: (415) 464-8261
C: (415) 378-7508
F: (415) 464-2367
NMLS 304353 - BRE 01380701
0 votes Thank Flag Link Tue Jan 7, 2014
I have an amazing Lender that has many different loan options. Contact me and I would be happy to pass on the information!
0 votes Thank Flag Link Tue Jan 7, 2014
Are you in a condominium or a single family home?

Makes a difference

Bruce Slaton Broker
Realty World eCurb REALTORS
0 votes Thank Flag Link Tue Jan 7, 2014
We need help finding that type of lender.
0 votes Thank Flag Link Tue Jan 7, 2014
I can help. Rabobank is a portfolio lender that specializes in these types of properties. Mark Ray 916 225-5626
Flag Mon Feb 10, 2014
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