This is pretty much aimed at folks in the KC area. But I have a condo down at 8th and Broadway that I would like to sell to my tenant that's been with me for the last 4 years. The building is not FHA approved and I don't know of any lenders that will do conventional financing with less than 20% down. So I'm just looking for someone to shoot me in the right direction. I haven't lived in KC for about 3 years now so I don't know who's lending. Thanks.
You will need to find a portfolio lender who will do financing on non-warrantable condos. Start calling and keep calling until you find someone. At least around here such lenders do exist. But these aren't going to be low down payment loans, if that's what your tenant needs. If you're asking for a specific name you will need to post in the Marketplace forum.
Do you have a loan in place now? If not, owner financing might be an option. Its still an option if you do still have a loan, but more complex and riskier. In either case you'll need an attorney and probably a registered mortgage loan originator since your buyer is going to live there.
Jon Holdman, Flying Phoenix LLC
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