These may be nice units, but they have issues for lenders because there are so few units.
Many times they are bought by people without a loan.
Keep in mind that when you resell a unit like this, if there are still problems/issues for lenders loaning on this type of property, it will be harder to sell to anyone who needs a loan.
There may be problems with this type of property at a conventional lender who sells to the secondary market rather than portfoloing the loan. (Meaning they sell the loan rather than keeping it themselves.)
A local bank, credit union, or savings and loan might have a program for local buildings and associations like the one you have your eye on.
I would use a local real estate professional to save time and money and also to make sure you don't miss a great opportunity.
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Rshapiro at assetmortgage dot net
I concur with Katherine, Matt Chabot at Washington Trust is the most respected and reliable source for non conforming loans.
Need anything else? Give me a call 617 694-6997. Happy to help. Rhonda
If you need a Portfolio Loan, (one which the bank does not sell to Fannie Mae or Freddie Mac), I may suggest Washington Trust in Burlington-- Matt Chabot has been wonderful helping my clients with these loans.
Burlington Home Loan Center
25 Mall Road, Suite 408
Burlington, MA 01803
If I can help at all, I live and work in Cambridge! Katie Malin 781 799 5981, Katie@Century21Avon.com.