Financing in Boston>Question Details

Banker450, Home Buyer in Boston, MA

North End condo, not FHA approved.

Asked by Banker450, Boston, MA Tue Jun 1, 2010

I am looking to get financing on a North end Boston condo that is not FHA approved. The building is approximatly 30% commercial, which prevents it from being fha approved. I am looking to put down 5%, and my DTI ratio is going to be around 45%. I have a non occupant co borrower so I am not sure that helps me at all. Does anyone know a lender I should go to that may be able to make this loan?

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How do you propose getting a condo approved VIA FHA when the commercial Concentration excceds the acceptable % for FHA? I hope the one you have in process meets the FHA guides...
0 votes Thank Flag Link Tue Nov 9, 2010
If the seller allows sufficient time you can get the condominium approved for FHA financing through their HUD Review and Approval Process (HRAP,) which can take about a month. I have one in process now. Typically a non-occupant co-borrower is used only in FHA soley to add income (reduce the debt ratio.) If their liabilties are high then they may not be contributing much or may be hurting your debt ratio. There are FNMA programs with little money down that allow faster condominium approval.
0 votes Thank Flag Link Tue Nov 9, 2010
Home buyer:

Unless you can find seller financing it is not going to happen. Buying in the city with FHA is really tough, and I want to be upfront with you. I would be surprised if a local lender would touch this property because of the commercial. You will probably need 20% down to make this happen. All the best.
0 votes Thank Flag Link Mon Jun 14, 2010
Definitely try a local lender as Kevin mentions below. You could also ask for Seller financing....
Web Reference:
0 votes Thank Flag Link Sun Jun 13, 2010
It will be difficult but you may want to look into local bankd that will hold the loan in their own portfolio and not resell it.
Web Reference:
0 votes Thank Flag Link Tue Jun 1, 2010
Hello -

I'd like to run your qualifications through FNMA to see if I can get you qualified in your name only. As you probably know, a non-occupant co-borrower only works with FHA. I would also want to drive by the property. The Bank also has some portfolio product that might help. There is no cost or obligation

Give me a call if you wish to discuss.

One other thought - if you can get 5% more somehow, we offer 10% down with no pmi!!

Mike Cincotta
Salem Five Bank
781 389 8026
0 votes Thank Flag Link Tue Jun 1, 2010
You may want to consider banks local to that neighborhood. Maybe do a search for smaller banks that are looking to expand into the area.
It can be difficult to fund these types of loans BUT there are companies out there willing to do it.
0 votes Thank Flag Link Tue Jun 1, 2010
Todd Hughey from Leader Bank might help Cell: 617-669-3322
If you need any additional help feel free to contact me.

Miro Fitkova 617-921-9952
0 votes Thank Flag Link Tue Jun 1, 2010
is that dti with or without the co-borrower and what is your fico score. Conventional MI could be an additional hurdle.
0 votes Thank Flag Link Tue Jun 1, 2010
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