Home Buying in Lewisville>Question Details

Mitchellb2005, Home Buyer in Lewisville, TX

first time buyer approval on non FHA loan for condo in lewisville

Asked by Mitchellb2005, Lewisville, TX Sat Jun 9, 2012

I am looking to purchase a condo in lewisville. I am a first time home buyer with over 750 credit. Problem is the property is not FHA. How should i go about getting an approval? I have money down but of course would like to do as little as possbile.

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Barbara Coker’s answer
There is the possibility of a nonconforming conventional (non-Fannie) loan from a "portfolio" lender. It depends on why FHA won't approve the project. If there are more than 50% rentals, or lawsuits, or too many units owned by one entity. . .It's impossible for me to say for sure. Credit unions sometimes offer non-conforming condo loans, usually with 20% or more down. Ask around for referrals in your area to portfolio lenders.
One consideration is that your future resale opportunities will be limited if the project can't get back into line with FHA guidelines.

Good luck!
Barbara Coker
NMLS#228545 Licensed Mortgage Loan Officer
100% Home Loans All Over Texas!
Web Reference: http://www.thecokerteam.com
0 votes Thank Flag Link Sat Jun 9, 2012
IF property can't qualify for a FHA loan you can't purchase the property then. Many issues with condo/townhomes which can't qualify for these loans from a home buyers position OR trying resale a property.

I am unconfirmed if you can purchase via a conventional loan. Many more questions require answers prior to any professional rendering an opinion .

Contact my office today
Lynn911 Dallas Realtor & Consultant, Credit Repair Advisor
Multimillion Dollar Sales Producer
0 votes Thank Flag Link Sat Jun 9, 2012
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