They cannot be financed by FHA or VA. Some of them can be financed by conventional loans by specific lenders. You need to have a good lending broker to work this through. Each development is a little different and you need to have an experienced lender to walk you through the process. Let me know if you would like the info of some of my best lenders.
Robert McGuire ASR
Your Castle Real Estate
Direct - 303-669-1246
720 300 0889
Wisdom Real Estate
Let's discuss your loan scenario in more detail.Contact me at 800 315 8803. My name is Bart and I have been in the mortgage business since 1987. I am happy to answer your mortgage questions, 7 days a week and review your loan scenario.
Until then, I look forward to hearing from you.
Bart Gabe - 800 315 8803
NMLS# 20743 - my licensing information
http://www.nmlsconsumeraccess.org/ - link to look up my license number
Warrantable Property Characteristics: (these are just a few characteristics and the list is not all inclusive)
60% of the units are owner occupied (not renter or investment properties)
On established and existing projects, at least 90% of the units must be sold
For new and currently converted construction, 70% of the units must be pre-sold (closed or under contract)
15% or less of the units can be 30 days delinquent on HOA dues
No more than 10% of a project can be owned by a single entity
No more than 20% of the project can consist of non-residential space
The Homeowners Association must have at least 10% of its budgeted income designated for replacement reserves
Julie Bloch Burton - Broker Associate, RealtorÂ®
Brixton Real Estate - http://brixtonassociates.com/
Cell Phone: 970.396.7435 | Fax: 720-306-2397