How do I find lenders that will consider a loan on a condo in a complex with less than 50% owned units?

Asked by Ben, Fresno, CA Sun Dec 5, 2010

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, ,
Tue Dec 7, 2010
We have a bank that has no occupancy restrictions with good rates and terms.

Happy funding, Rudi
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Tracey Rivers…, , California
Sun Dec 5, 2010
Alert !!
Condo financing with less than 50% owned units is available at BBVA (bank portfolio) if you are within the occupational groups such as MD's, Dentist’s, CPA’s, Attorney’s, you can certainly obtain a 100% loan, NO MI, No prepay penalty, very low rate and the credit score required is 650 min.

The agents in my various Real Estate Offices have had recent success with a Senior Mortgage Officer / Tom R. Callahan /

My sources report that the bank is still offering this special Professional type loan program and has NO intention of suspending it.
It is apparently great for building bank business accounts.

See below a recent example from a top producing agent of mine.
“Client just closed last week at 4.875%, 30 yr, no penalties, 1pt , NO MI , NO cash down. Seller even paid all his cost including taxes, etc.”
And 5/1 arm is around 4.250% from what I am told.

Another agent shared this morning that her client is getting a great deal on a 30 yr fixed, loan of $995k at 4.875%~, which is huge for what they call “Jumbo” money.

It is a wonderful program and I as a Real Estate Broker have received several referrals from prior clients because of this program alone, as they see us as the advocate with expert advice on it.

So they in turn refer their Doctor colleagues and Professional’s to my agents and Tom Callahan does an excellent job with customer service. It's Great !!!

Good luck to you, Tracey
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Sheyenne Sch…, Agent, Torrance, CA
Sun Dec 5, 2010
You can go with a Portfolio Lender or do a 5%down conventional loan. Yes, now you can buy condos and townhomes in CA with as little as 5% down if the complex is not FHA approved.
I have lenders that do these loans.
Sheyenne Schultz
Real Estate Network Group
2601 Airport Drive #120
Torrance, Ca 90505
Need to do a short sale ? or
looking for short sale help?
Call me at 310-429-4170
view my blog
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Gregorio Den…, , San Diego, CA
Sun Dec 5, 2010
It exists and is not a problem. Yes, you need a broker that will place this with a portfolio lender. It's not hard at all, just slightly higher rates and or fees than your conforming mortgage.

Find a licensed California mortgage loan originator.
Web Reference:  http://WeFixRates.Com
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Felix Hung, Agent, Huntington Beach, CA
Sun Dec 5, 2010
Condobuyer, you should ask a loan officer. I don't know if that exists. I don't think so, but..your best bet is probably mortgage brokers who look for niche mortgage programs like that. You may have to find another condo community or buy it for all cash.
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