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Fannie Mae Rejected Us! Who Can Help?

We have over 800 credit rating. are going to be putting 20% down. The bank had no issue with us but because only 82% of the units have been built Fanny Mae is a no go. Is there any other way to get a mortgage in Virgina? Richmond,VA | Aug 3rd 2010
by stacey92
Answer


by adennie

Please email me your contact info at adennie@fmbranch.com. I will contact you in the morning. Freedom Mortgage is a Direct Lender and we lend in all 50 states. I will talk to you in the morning. Thanks.

Aug 3rd 2010
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by pkelsey

Are you buying a condo? email me at pkelsey@myhsoa.com

Aug 3rd 2010
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by brett@h...

The problem you're running into here is as a condo they call your situation "non-warrantable." This typically requires a portfolio lender, someone who won't be selling the loan to Fannie Mae/Freddie Mac, to complete. I know of a few banks that have good loan programs for this, or local credit unions and savings & loans organizations. Though I typically wouldn't advise people to use their builder's lender, it's a good place to start in this case; they probably know someone who's already found available financing, or they have an agreement with the bank that is financing their build project. Best of luck to you.

Aug 3rd 2010
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by KenKopper

Stacey92, please feel free to contact me to discuss in greater detail. Is it 82% of the condo project or phase? There is definitely financing out there but more details would help find the best investor.Ken Kopper-Mortgage Consultant-Tenacity Mortgage (800)496-0235 x1262 kennethkopper@tenacitygroup.com NMLS #1450544

Aug 4th 2010
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by john@jo...

Hi Stacey - we can finance non-warrantable condos in Virginia and I would be happy to give you a quote and help you compare for the best deal. Feel free to call or email: 302-260-7091 or johnb@fairwaymc.com. We guarantee on-time closings and we can close very quickly.

Aug 4th 2010
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