Alwin, Home Buyer in Queens, NY

I'm seeking to finance a Non-Warrantable Condo in Texas.

Asked by Alwin, Queens, NY Fri May 23, 2014

The traditional banks will not finance this because of the <50% owner occupancy rate, otherwise everything checks out.

I have 780 credit, strong income, strong reserve cash and 25% downpayment. Good history etc.

Should you have any leads or know of any lenders/institutions who can do these kinds of loans, please feel free to contact. Thanks,

Help the community by answering this question:

Answers

5
Alwin,

I realize this is an older posting, but if you are still in need of assistance with non-warrantable condos, please let me know. Most all the condos I deal with near the University of Texas area fall into this category. I can regularly get them financed meeting your criteria listed above without seller financing- and fast.. markstorer512@gmail.com, Realtor -Metro Realty.
0 votes Thank Flag Link Tue Sep 23, 2014
Hi Alwin,
I am glad you asked. I am an investor (REALTOR as well) here in Austin and I typically come across several deals per month where the seller agrees to either leave the existing financing in place and simply have it taken over, or in cases where the property is free of liens they will offer seller financing.
More often than not these properties need a good deal of rehab, but we do find a select few that are ready for retail. I am experienced in rehabs, currently have 3 going on in Austin area, and would be happy to help you with any other questions you may have.

Respectfully,
Russell Spillers
512-551-1186
Russell@360Company.biz
0 votes Thank Flag Link Fri May 30, 2014
I lend on non warrantable condos nationwide.

Let's discuss your loan scenario in more detail. Contact me at 800 315 8803. My name is Bart and I have been offering loans since 1987. I am happy to answer your mortgage questions, 7 days a week and review your loan scenario. Until then, I look forward to hearing from you.

Bart Gabe - Lending Nationwide Since 1987

800 315 8803

http://www.bartprequalifies.com

bart@bartprequalifies.com
0 votes Thank Flag Link Wed May 28, 2014
Hello,

I may have a recommendation for a lender that would be able to finance this purchase. Would this condo be for an investment property or for an owner-occupied home? Generally speaking, lenders will finance a condo when the ratios are higher than normal when they have a well-qualified borrower that can afford to make over a 20% down payment.

If you'd like some more information, please contact me and I can research it for you.

Jordan Gouger
Realtor
Keller Williams
512-693-9297
0 votes Thank Flag Link Wed May 28, 2014
There are options but more information is required. Depending on your intent with the Condo you may want to consider what your exit strategy would be if you needed to sell the asset. Given your strong criteria as a Low Risk loan, how easily would you be able to move the property when needed. Lenders are cautious and few that work with Non Warrant-able properties for good reason(s). Feel free to call me to discuss directly and I'll forward you 2 names that may be able to help.

Cheers!
Douglas Goff
512-284-3930
0 votes Thank Flag Link Sat May 24, 2014
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer