Forgotten Your Password?

Need to Register?

Question Icon

Is 20% required?

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? by frdjk119 from Warren, Rhode Island. Feb 5th 2018 Reply

William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,728 contributions

The one thing that cures most all problems is $$$... all of the property conditions that prevent it from qualifying can be solved if you have more money down.. With 20% down, you would get a limited review on the condo questionnaire.. if it still did not qualify, then there are hard money lenders who will do it, but they will often require an even larger down payment.. Understand that these property issues usually get worse over time.. meaning if you did somehow figure a way to buy this home, if you try to sell in the future, you would be experiencing what the seller of property is going through now.. For these reasons, you should probably move on to another property.. I'm a preferred Lender with California and Arizona being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 NMLS# 226347 / RPM Mortgage NMLS 1541014 / AZMB0121893

Feb 5th 2018
Steven Karp (stevek81)
#9 ranked lender in Rhode Island - 151 contributions

Hi Warren, Unfortunately, I would say yes, this is hopeless, as I am assuming you are trying to go 3.50% down....I would move on and not waste anymore of your time...there will be more properties coming on the market as we get closer to the springtime....good luck, and of course any of us would love to try and help you...I am local and work for Home Loan out of RI...

Feb 6th 2018
Subscribe to our news feed.