Financing in Los Angeles>Question Details

Melwat, Home Buyer in Los Angeles, CA

I am looking for a lender(s) who lend less than $60,000 for a condo/PUD are their any out there?

Asked by Melwat, Los Angeles, CA Sun Jan 29, 2012

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5
Roddy de la Garza’s answer
The results of the past mortgage crisis have made FHA or VA condo financing virtually impossible. Because home owners associations often have the first lien or right of first refusal on a condo sale - lenders have seen themselves burned. Also, low downpayment options insured or guaranteed by the government are not options, I.e. VA (100% loans) and FHA (3.5%). A conventional loan may be available but you are looking at a 720 credit score (minimum) if not greater, as far as I understand. Also, always work with a lender you know, who is local, and who you and / or your agent can walk into their office and discuss your goals in person - that's my professional opinion. Lastly, most lenses are not interested in long term fixed rate mortgages $50,000 and below as they don't make as much money in the secondary market for the amount of work that's required to close them. Hope some of this may help you see why you are having a tough time. Call or email me if you need guidance to a savvy REALTOR in your market.
0 votes Thank Flag Link Sat Jan 5, 2013
I do my name is Patrick DeBruler at 317-966-7583 EST
0 votes Thank Flag Link Thu May 10, 2012
Hi Melwat,

What is the purchase price and will the condo be owner-occupied or for rental income?
Such information among other things may affect the rate you will get and the origination fee if any.

I know a couple of great loan officers who can answer your questions. Email me for references: MimiDavies@kw.com

Best,
Mimi
Web Reference: http://MimiDaviesHomes.com
0 votes Thank Flag Link Wed Feb 1, 2012
I can help you as long as the loan amount is $50,000 or more.
Contact me for assistance.
Web Reference: http://WeFixRates.Com
0 votes Thank Flag Link Sun Jan 29, 2012
Don't even know whether my recommendation(s) have minimums. But one has an online application. Happy to provide for your reference.
0 votes Thank Flag Link Sun Jan 29, 2012
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