Home Buying in Houston>Question Details

Tazmore, Home Buyer in Houston, TX

i am trying to buy a condo and I am aware of the restrictions from a lender standpoint. If i am turned down by one lender is it ok to find another

Asked by Tazmore, Houston, TX Sun Jun 19, 2011

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Sometimes condos have a certain lender they are working with. If not check all options as sometimes you have more than you think available. It requires research but may be worth your effort. I had this problem recently in Chicago Illinois and we found a lender that worked great for my client. The building was almost sold out but not quite at the point where all lenders were able to secure a loan on the building.
0 votes Thank Flag Link Mon Jun 20, 2011
You want to use a lender who specializes in condo financing.

As you can tell there are all kinds of rules, restrictions, regulations and these can get the best of lenders who don't regularly finance condos.
Web Reference: http://www.teamlynn.com
0 votes Thank Flag Link Mon Jun 20, 2011
Bruce Lynn, Real Estate Pro in Coppell, TX
MVP'08
Contact
Condos are extremely difficult to obtain financing by most banks. Corresponding lenders have no problem with financing condos. They have their own in-house underwriting, funding capabilities, and know the Houston market and know that investing in a condo is not a risk like Florida, California, Nevada where the condo industry has been hard hit. I have names and numbers to help you with your finance. Please call me (713) 865-6754 and I will point you in the right direction. (Sewell Feenstra, Prudential Gary Greene, Realtors) The condo financing I know of does not have to be FHA approved property
0 votes Thank Flag Link Mon Jun 20, 2011
YES!! I recently had a buyer turned down by his own bank! I then introduced him to a mortgage officer who made the loan. It was not a "quick fix", but he did it and the buyer is happily living in his condo! If you need a "can do" mortgage officer, call Jamie Wolf @ Capital Security Mort.......he has performed countless "miracles" for me! 281-543-5488 is his mobile.
0 votes Thank Flag Link Sun Jun 19, 2011
Absolutely! Condos can be very hard to find financing for though. On top of you qualifying for the loan, the condo and it's HOA has to as well. Find out why you were not approved prior to looking for another lender. That way
you know what your up against and the new lender can tell you yes or no prior to spending more money on what usually turns into a new appraisal. Let me know if I can help.
0 votes Thank Flag Link Sun Jun 19, 2011
Tazmore.

If your trying to purchase using FHA financing, you need to find out if the community is FHA Approved before making an offer! Go to http://www.FHA.gov and find the community you have interest in and see if it is on the list. Typically it will be if the community is more than 50% owner occupied and meets other basic requirements.

Financing is getting tougher. Other than FHA approved properties where you can put 3.5% down, most lender are requiring 10%, sometimes 20% down because of communities that are high risk of foreclosure on unkeep is not the best. Yes, try different lenders...it is your money after all! You need to ask them if they do many condo/town home type loans. If they do not, move on to another lender. I have a good list of lenders on my web site if you need some suggestions.

Good Luck!

Mark McNitt
Bernstein Realty
m# 832-567-4357
0 votes Thank Flag Link Sun Jun 19, 2011
Yes, but to help the next lender try to find out why the first lender turned you down in the first place. It may take a little more work to get you approved that the first lender was not willing to do.

What are your concern with buying this condo?

How is your credit? Is the condo FHA and/or Fannie Mae approved?

Elliott R. Oliva
Mortgage Banker
Envoy Mortgage
512.825.8309 direct
eoliva@envoymortgage.com
Se Habla Espanol
0 votes Thank Flag Link Sun Jun 19, 2011
Yes you may try other lenders. Try Jeff at Cornerstone Mortg. 281-440-9600 let him know I refered you.
He has been very helpful to my clients that couldn't get a loan done elsewhere. Do you not have an agent working with you? If not I would be happy to help you.
0 votes Thank Flag Link Sun Jun 19, 2011
Absolutely! Sometimes a different lender will be able to work with you on the condo restrictions. I can recommend someone to you if you need a lender.
Web Reference: http://www.amandahomes.com
0 votes Thank Flag Link Sun Jun 19, 2011
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