Financing in New Jersey>Question Details

Heather Dacc…,  in Monmouth County, NJ

Are there any lenders that still do non-warrantable condo mortgages?

Asked by Heather Daccurso, Monmouth County, NJ Wed Apr 1, 2009

I have a client (investor) looking to purchase in a complex that has a high investor concentration and am having trouble finding financing for it.

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BBVA Compass can do non -warrantable condos with 3% down no private mortgage insurance. Please call me or email me or 720.244.8036
0 votes Thank Flag Link Tue Aug 14, 2012
Yes. I can do non warrantable condos at BBVA Compass. We have a couple portfolio programs with a min of 3% down in AL, AR, CA, CO, FL, NM and TX. Or for Professionals (Doctors, Attorneys, CPA's and Dentist)
0 votes Thank Flag Link Tue Jun 22, 2010
We can do non-warrentable condos and condo Hotels upto 75% LTV
Hawaii and California
Guild Mortgage
Raymond Dallou
Big Island (808) 883-8833
Oahu (808) 292-7566
0 votes Thank Flag Link Wed Feb 17, 2010
I have a lender that will lend on Non Warrantable Condo's and Condo Hotel units up to 75% LTV and 100% investor with cross colleralization. Owner Occupied and second home up to 80% LTV and 100% with Cross Colleralization.
I am a Mortgage Broker in Florida. I can help with finding a rep in any other state.
I have attached my Trulia article below.
0 votes Thank Flag Link Mon Nov 2, 2009

It's not always possible, but one of the best ways to finance investment condos such as the one you describe is to have the buyers refinance a primary home and get funds to buy the new place in cash. There are a number of advantages to this approach:

1) Ease of transaction.
2) Better rate for the buyer/borrower.
3) Tax advantages pertaining to mortgage interest.

Again, sometimes this is not an option, but always look for it. Financing non-warrantable condos is VERY tough these days.

Let me know if I can be of service.

Thank you,

Rob Spinosa
0 votes Thank Flag Link Wed Apr 1, 2009
Also the buyer can put down 20-30%.

Heather Daccurso
0 votes Thank Flag Link Wed Apr 1, 2009
The condo complex is complete but 70% rental units. The buyer has good credit, steady income and buying this as an investment. The problem I am having is the investor concentration level and I can't find a lender to either accept 70% or not require a condo questionnaire.

Heather Daccurso
Weichert Realtors
0 votes Thank Flag Link Wed Apr 1, 2009
There are, but it is done on a case by case basis many times. What are the particulars on your property and your buyer?
0 votes Thank Flag Link Wed Apr 1, 2009
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