Financing in Cambridge>Question Details

Yogiloan, Home Buyer in Brooklyn, NY

where can i get a jumbo mortgage to buy a condo in an HOA that has only 2 total units?

Asked by Yogiloan, Brooklyn, NY Fri Dec 21, 2012

in cambridge, the other unit was bought all-cash. don't know where to get a loan

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4
You are asking about a Condex.
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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0 votes Thank Flag Link Fri Dec 28, 2012
We have several jumbo lenders. We also have portfolio lenders as well. A two unit condo in this area is not so uncommon. If you share the details I could inquire with my lenders.
Rshapiro at assetmortgage dot net
0 votes Thank Flag Link Sat Dec 22, 2012
Yogiloan,

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
Web Reference: http://www.rhondocondo.com
0 votes Thank Flag Link Fri Dec 21, 2012
Hi Yogiloan--
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

Burlington Home Loan Center
25 Mall Road, Suite 408
Burlington, MA 01803
Local 781-229-2004

If I can help at all, I live and work in Cambridge! Katie Malin 781 799 5981, Katie@Century21Avon.com.
Good luck!
0 votes Thank Flag Link Fri Dec 21, 2012
You're very welcome! Yes-- loans for those properties are available :) I really like working with Matt because he knows these loans inside and out. The last one he helped with was a condo being sold in a 6-family; where only 2 units were to be sold as condo's. The bank viewed this property as an investment, so, the buyers had to put a little more down and obtain a "portfolio loan". It's becoming fairly common just because condo's are more and more popular, and many times if a building is turned into condos and they are sold one at a time, the first one to sell either needs to be cash or a portfolio loan or ..something non-conforming :)
Flag Sat Dec 22, 2012
Katie, Thanks very much for your response! Have you been successful in finding financing for condos in buildings with only 2 or 3 units?
Flag Fri Dec 21, 2012
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