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Will any rehab loan work for a condominium?

My HOA allows external work to a degree and I'd like to cover my patio. I'm also wanting to redo the bathrooms since I plan to begin renting my place out and move into a SFH by 2018. I'll be open to hearing about any renovation loan that can work with my 688 fico and a condo unit by jenwilliams76438620 from Pensacola, Florida. Jan 22nd 2015 Reply


Manny Lindo (mlindo625)
#221 ranked lender in Florida - 16 contributions

Jen, because the property is currently your primary residence and will continue to be for several years there are quite a few programs I have that will allow you to do the renovations you are looking for. Please contact me at 813-359-7196 to discuss your options.

Jan 22nd 2015
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Michelle Curtis Loan Originator NMLS 401173 (EmbassyFundingLLC)
#29 ranked lender in New York - 2,236 contributions

Depending on what you want to do you could utilize a 203K loan which will allow up to 100% of the improved value or a Homestyle renovation loan which will allow 80%

Jan 22nd 2015
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William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,797 contributions

Yes..the HomeStyle renovation is probably the best type of loan compared to FHA's 203K, but understand that before any conforming lender will lend, a condo questionnaire will need to be completed to see if the c condo project is acceptable.. if it isn't, then your probably out of luck.. Lenders need to know that the property is an acceptable risk to lend on.. they do this by asking questions.. how many units are owner occupied? How many are investor owned? how many units does one investor own? How many units are currently delinquent? How much does the association have in reserves? Etc.. Assuming the association is acceptable, you should be ok.. .. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Jan 22nd 2015
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Thanks William I guess my HOa should have that information? Is there a chance they'll withhold and then is there anywhere else to get the best answers to those questions?

Jan 22nd 2015
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William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,797 contributions

Your HOA will not with hold the info.. that would be illegal.. Although they have been knows to fib about certain things and claim later it was an oversight or mistake.. regardless, if conforming lenders will not lend on a condo project based on a bad condo questionnaire, it's unlikely you will find another lender to lend.. if they will, expect higher interest rates and higher fees.. .. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Jan 22nd 2015
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Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,224 contributions

Subject to the limitations on any financing in your condominium community mentioned by William, I can help with either FHA or conventional financing and a simple refinance with up to $35,000 set aside for your desired improvements is the best option. Apply online: pdumouchel@primelending.com or call me tomorrow at 843-619-6025 http://pdumouchel.primelending.com **PrimeLending was #4 purchase mortgage lender in the US in 2012 and 2013 as determined by MarketTrac(c) for Jan-Dec 2012 & 2013

Jan 22nd 2015
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