In simplest terms,future loans on this building can be either non-conforming or investor conforming. A non conforming loan is one made by a lender that is ineligible for sale to the two Government Sponsored Loan Agencies, Fannie Mae and Freddie Mac. In the past originating loan of this type was not all that complicated. Today it is a thin market because of all the trouble at the banks. In all likelihood a loan of this type will require a larger down payment down and will have a higher interest rate than a conforming loan even for the most qualified buyer. You should talk to a big bank about options. Try Wells Fargo and Chase first .
If the purchaser of your property is an investor both Fannie and Freddie still buy Investor mortgages with 20% down and good credit.
Advance Realty Timonium
Main Office: 410-561-0004
Unfortunately, FHA has limitations for the investor ratios. Most condominiums with high investor ratios are subject to either accepting only cash purchasers or programs that allow non-warrantable condo. The non-warrantable condo programs have significantly higher interest rates because the risk to the bank is higher.
Fairway Independent Mortgage Corporation
Senior Mortgage Loan Officer