I am a Realtor that keeps his office, home, and recreation nesteld amongst these concrete towers in the sky that you and I both know as LoDo! One of the main home page slideshow photos, of a downtown sunset, will show you the evening view from my office - I share your passion for this type of construction, it is one of my specialties - see http://www.BrianFurer.com
I would take to heart the advice of the last couple Loan Officers that responded, they are very much correct, the answer is: "It depends"...... depends on if the project is on the FHA list, warrantable, etc. For example, The Beauvallon just lost their FHA approval! This changes things for the buyer. Truly, the question should be approached on a case by case basis. The best route to go is for you to see which programs (and subsequently what down payment) is right for you, then we match that with the correct building.
Or, if you have a specific building in mind, we simply run that by your lender.
This "problem" was made more pronounced by the foreclosure boom, whereas the buildings ravaged by foreclosures had most of that inventory reabsorbed by investors, who in turn rent them to a subsequently growing rental market. While good for the HOA to have the units generating operational revenue again, many buildings have lost their certification.
In response, some lending institutions are devising programs for this very situation, non-FHA, non-warrantable condos. I have personally represented a buyer who was able to put 3.5% down on an FHA qualification loan, but it was actually conventional as the project had only sold 50% of the units! This type of portfolio loan can work in specific situations. If the usual methods don't work on a specific building, you can then try those avenues.
I would enjoy this project - if you do not already have a Realtor please do feel free to contact me!
Brian A Furer
Broker Owner, VIP Real Estate Co