Is there any bank that could do 5% down for a non-conforming, non-fha condo?

Asked by condo hunter, Columbus, OH Wed Sep 26, 2012

Im looking to buy a condo in the Dublin area. I have enough for a 5% down payment. The only problem is its a non-conforming condo and cant go fha because of the amt of renters in the complex. Every bank I have talked to has said I need 10% down at the minimum. Does anyone know of a reputable bank/credit union that could do financing for 5% down?

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6
Molly Hay -…, Agent, Columbus, OH
Sun Sep 30, 2012
Key Bank has a porfolio loan that may work but the only bank I know of that definitely will is Cooper Bank and Third Federal but they do require 10% down. Have you considered a detached condo? They are much easier to finance.
0 votes
condo hunter, Home Buyer, Columbus, OH
Fri Sep 28, 2012
None of those banks were able to help me. A single person owns more than 10% of the condos in the complex (which I did not know before) and so that is the criteria that I am unable to meet. Also Brian Thomas no longer works for Keybank as I found out.
0 votes
James Deskins, Agent, Worthington, OH
Wed Sep 26, 2012
That is highly unlikely. You can hardly even find a lender who will do 5% on a conforming condo these days...
0 votes
Tracy Seabro…, Agent, Gahanna, OH
Wed Sep 26, 2012
You might want to contact Brian Thomas with Key Bank. They have a loan product that will fit your needs perfectly. Brian's contact information is:
Brian Thomas
Mortgage Advisor
5968 Hoover Rd
Grove City, OH 43123
Cell 614-205-7084
Office 614-801-6348
brian_k_thomas@keybank.com

Good Luck
0 votes
James Gordon…, Agent, Hamilton, OH
Wed Sep 26, 2012
Did you try Union Savings Bank?
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Todd DeHays, , Grandview Heights, OH
Wed Sep 26, 2012
Perhaps try Arlington Bank. They're knowledgeable about some niche areas and might have a portfolio product for wherever you're looking. No promises though. 5% non-conforming is hard to find.
0 votes
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