Forgotten Your Password?

Need to Register?

Question Icon

Looking for a Portfolio Non-Warrantable Condo Lender in Colorado

Looking for a Portfolio Non-Warrant-able Condo Lender in Colorado. Have an excellent credit, income 65k, 1 yr tax returns and looking to put 10% down. Condo priced at 85k in Colorado Springs. by coloradodave4479 from Colorado Springs, Colorado. May 15th 2017 Reply


Why is it considered to be non warrantable?

May 15th 2017
1
0
William J Acres (William_Acres)
#1 ranked lender in Arizona - 7,874 contributions

Based on your scenario.. you probably wont find anyone willing to do it.. Non Warrantable? (why?), only 10% down.. (nope).. and only 1 year tax returns,, no way.. Typically, a portfolio lender will take the more risky loans, but they wont do it with better terms.. typically, they are going to require a higher down payment, higher interest rates, and higher fees.. Also, Even though some do non warrantable's, the real question is why.. When it comes to these property types, the portfolio lender does not ignore the condo guidelines.. it's just they give a little bit.. If conforming guidelines require no more than 50% investor owned, then the portfolio lender might allow 60% investor owned, but the guidelines are not flat our ignored.. just relaxed.. I'm a preferred Lender with Arizona and California 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 WilliamAcres.com NMLS# 226347 / RPM Mortgage NMLS 1541014 / AZMB0121893

May 15th 2017
1
0
Subscribe to our news feed.