Purchasing a property is not a right as many politicians want to believe. It is a privilege to those who have proven their ability and past actions to be trusted with their money and another persons property.
Expect to need 25% down, interest rate to be 7% to 12% with a 5 year balloon for a note.
I suggest you keep renting until you have 20% down and additional funds for closing costs.
A condominium can be considered non warrantable when the project does not have Fannie Mae or FHA approval. This can be for a number of reasons, but the main ones are below:
-Project is new and does not have required % of units presold or closed
-A portion of the project is commercial (mixed use)
-There is a high concentration of renters in a project
-The HOA is involved in litigation
-The HOA budget reserves are not adequate
-One person owns more than 10% of the units in a project
-The developer never applied for project approval
There are only a handful of investors in the U.S. that will lend on non warrantable condos. These lenders are portfolio lenders, which means they fund loans and keep them in their portfolio of loans, and do not sell them off on the secondary market.
Let me know what you are looking for.
Kimberly Conde, SFR
Century 21 Solutions
8660 Spring Mountain Rd., Suite 103
Las Vegas, NV 89117
(702) 275-2413 Direct
(702) 388-9924 Office
(702) 384-9974 Fax