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
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
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
by john@jo...
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