Home Buying in Hyattsville>Question Details

Landlady, Home Buyer in Hyattsville, MD

What is the scoop on non-FHA rehabilitation loans?

Asked by Landlady, Hyattsville, MD Sat Mar 17, 2012

I want to buy a condominium which needs repairs. i looked at 203k loans but condos are not eligible. are there any other programs out there? 36 months post-bk discharges. 700 credit score.

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Greg Myers’ answer
You might investigate the CDA (Community Developement Act) programs. Chevy Chase bank in the D.C. Metro area was the largest participant in the CDA programs but since Chevy Chase Bank was aquired by Capital One bank by the FDIC they have exited the mortgage market.

For CDA Programs try 1st Mariner Bank...Paul McCauseland....301-948-5255.

I am curious about the condo repairs that are needed, it is cosmetic or structual repairs.
0 votes Thank Flag Link Sat Mar 17, 2012
Update kitchen and 2 bathrooms, carpet, paint, upgrading the circuit breaker box to fuse box....nothing structural! thank you for the tip! the condo is in an area which might be considered in need of "community development"!
Flag Sun Mar 18, 2012
The issue around condos are less to do with your bk, or 203k. The condo units don't qualify as a result of >15% of the home owners being delinquent on their monthly condo dues, or there are too many renters v homeowners as residents who reside within a particular complex. I hope this helps.
Ariana Loucas
0 votes Thank Flag Link Sat Mar 17, 2012
203K specifically says NO CONDOS! But thank you for letting me know about those other two parameters....if condo fee delinquency rate is greater than 15% or the renter/home owner ratio is off, it sounds like NO bank will finance me! And that makes complete sense!
Flag Sat Mar 17, 2012
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