Non warrant mortgage

6 Replies

Can i ask you quick question. We are buying mortgage but our property is in a condo association with 50% or more investor owned condos. So i guess it does not come under faanie or freedie guidelines

would you have any suggestion regarding any bank lenders that do non warrantable loans in the boston area or for that matter anyone? 

Originally posted by @Tulan Kantesaria :

Can i ask you quick question. We are buying mortgage but our property is in a condo association with 50% or more investor owned condos. So i guess it does not come under faanie or freedie guidelines

would you have any suggestion regarding any bank lenders that do non warrantable loans in the boston area or for that matter anyone? 

 If the property you're buying is owner occupied, the investor concentration doesn't come into play because you will improve the investor concentration.  If 20% of the condos are owned by more than one entity, that's a problem.  Then you'll have to go to a lender that will do non-warrantable condos and put 25% down or more.

@Stephanie Irto we are willing to put upto 30% percent down 

@Stephanie P. yeah the condo community is more than 50% owned by investors for rental purposes. 

We did find a bank doing a non warrant loan for 5.75% with 20% down. We are still going to put more downpayment but did find a bank so that was a good thing.

@Tulan Kantesaria  Great discussion, I'm running into the same issue from a seller perspective. Were you able to close on the loan? Do you have any suggestions on what banks might be best to try and finance through? Many of my bank contact are fairly traditional.