Mortgage Advice > Don't have 20% down, what now....?

Don't have 20% down, what now....?

I can't do FHA because it's not an approved condo complex. Too many units are already FHA insured for a spot inspection to work. More than 30% of the units are rented, so the PMI company won't do it. I don't have enough cash for 20% down. Is this a lost cause? Tempe,AZ | Sep 29th 2009
by Givemea... Answer

by blairzeno

Hello Givemeahouse 21,Unfortunately FHA will not finance a non warrantable condo. If you're low on cash to close the FHA loan makes sense for you. However, you may consider looking for a different property.Regards,Blairwww.myloansmart.com

Sep 29th 2009

You should look for a condo that that will meet the Fannie Mae, Freddie Mac, or FHA guidelines. There are lots of them out there.

Sep 30th 2009

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