Is it still hard to get financing on condos in downtown Historic Wilmington? Percentage on owner occuppied?

Asked by SBellesPro, Chicago, IL Sun Feb 17, 2013

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Jeff Lesley, Agent, Wilmington, NC
Sun Feb 17, 2013
One of your larger "problems" on the downtown condos will be if the building is mixed use and contains commercial properties as well. Your strictly residential buildings are easier to gain financing and a few even allow FHA financing. Feel free to reach out to me if I can help on a specific one. Thanks -Jeff

Jeff Lesley
910-297-7071 (call or text)
1 vote
Ian Rosenbaum, Agent, Wilmington, NC
Sun Feb 17, 2013
Often times in downtown Wilmington with the historic buildings it is not necessarily the percentage of owner occupants that makes a difference but rather the percentage of commercial space in the building. If the building is more than 20% commercial it makes it difficult to get any type of conventional financing on the condo units above the ground floor commercial space. However there are a few small banks and credit unions that will still write portfolio loans if the buyer is strong enough and they have an established banking relationship with them.
1 vote
Adam Slack, Mortgage Broker Or Lender, Wilmington, NC
Sun Feb 17, 2013
Condo's are generally a little more difficult than any single family detached home because they do have to go through another step or level of Underwriting. The actual Homeowners Association or HOA has to be looked at. The by laws, covenants, investor ownership are all reviewed to make sure it meets Conventional loan guidelines.

Is there a particular condo complex that you are inquiring about? If so, i would be happy to look into it for you to see if it would be eligible for conventional financing. If it's not, my company Guaranteed Rate, Inc has multiple portfolio loan options if you are looking to buy a condo that doesn't fit inside the box described above.
1 vote
Gloria Green, Agent, Wilmington, NC
Sun Feb 17, 2013
I just closed two weeks ago on a condo in Historic Wilmington that was financed. It may depend of the condo unit. I'll be happy to assist you if you're interested in one.
0 votes
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