My name is Gabino Barrera and Iâ€™m a direct lender in Torrance C.A. If you want I could start a process to make the condo F.H.A approve but it might take time and nothing is guarantee. Or I could get you a 3% conventional loan if you qualify. The qualification for this loan is the same as for the 3.5% f.h.a. The min FICO score for this program is 640.
23705 Crenshaw Blvd Suite 101
Torrance, CA 90505
Many in my area did not submit for FHA approval because they knew that they would be turned down. In one of the MLS areas that I work we went from about 90 approved associations to 8. Thank thecurrentpowers that be and maybe you can qualify for a 95% conventional loan.
Here is some food for thought, if you have to fight to get in what will it be like when you try to get out? Do you have an exit strategy.
Finally, if the HOA isnâ€™t eligible and it is a horizontal regime meaning no units stacked above another there is something the HOA can do â€“ uncondo the property, a very viable solution to this problem for properties that can pull it off. I linked some info on my blog regarding this subject. Good luck,
NMLS # 6395
Financing Kentucky One Home at a Time