Home Buying in Raleigh>Question Details

Paddy O'dowd, Other/Just Looking in 27519

I am purchasing condo for son by NC State - financing hard to get as the condo is non-warrantable - I also have >4 investment mortgages -

Asked by Paddy O'dowd, 27519 Mon May 6, 2013

suggestions?

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I have a great lender that can do non warrantable condos with 35% down. They would be portfolio rates which are a bit higher than Fannie / Freddie rates.
You can contact her at:
Amy Bonis
The AmyBonisMortgageTeam
Simply the best in home lending! http://www.amybonis.com (919) 414- 4430
0 votes Thank Flag Link Mon May 6, 2013
Unfortunately I would suggest that you buy a town home or single family instead of condo. While you may be able to afford to pay cash, it is likely that future buyers will not and you'll have a difficult time selling it. I generally suggest that investors stay away from condos unless you know that the condo association restricts the number of investors.

I own an investment condo, wish I didn't. If the location is prime, it may not matter.

Good luck. Feel free to call me if you want to.

Vivian Olkin, aka CrazyViv
0 votes Thank Flag Link Mon May 6, 2013
Yes..some banks don't care about the investor concentration and some do. Welcome to our world of banks still all doing things differently..haha.Have to chuckle, cause it is true in this environment. So we can look at different options and banks that will allow >4 investment properties and still allow purchasing of non-warrantable condos in this very desirable market area.

Please let me know !
Best regards,
Cameron
0 votes Thank Flag Link Mon May 6, 2013
Condos can be extremely difficult because of the high ratio of renters to occupying homeowners. Some associations pay a bond to FHA to get around this problem, but if the condos are not approved, cash is often the only option. Perhaps the mortgage broker below can help but even he has to be accountable to his investors.
Another solution is to look into a townhouse community which offers many of the benefits of condo management without problems associated with getting a mortgage.
See the link below for more information.
0 votes Thank Flag Link Mon May 6, 2013
We have some investors that will allow up to 20 properties!
Please feel free to contact me with any questions on this. We are a local lender and I have been in the business for 19 years and am very familiar with condos in this area!
Best regards, Cameron Chapman 919-815-6319
River Community Bank, NA
Raleigh NC 27609
0 votes Thank Flag Link Mon May 6, 2013
Do you have equity in a property that would allow you to get cash from that you could tap to pay cash for the condo
0 votes Thank Flag Link Mon May 6, 2013
If you have more than 4 investment mortgages, it will be hard to get a loan... warrantable or not. Why is the condo non-warrantable? Is it a new complex?

Try calling a mortgage broker. maybe they can help. I use Brian Grubbs with Raleigh mortgage: bgrubbs@raleighmortgagegroup.com
0 votes Thank Flag Link Mon May 6, 2013
Have you tried contacting a mortgage broker? Sounds like that should be your first option.
0 votes Thank Flag Link Mon May 6, 2013
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