Condo financing options (can’t use FHA or Conventional)
Does anyone know of mortgage options other than a conventional mortgage or FHA that I could use to finance a small condo?
I wondered if a small bank or credit union may be willing to finance it as a portfolio loan but before spending the time reaching out I wanted to get a feel for whether or not it was possible.
This would be purchased as my primary residence and eventually be converted to a rental property (after at least one to two years).
The condo community I'm looking at has a pending lawsuit against the HOA due to a fire in one of the buildings, so it doesn't qualify for conventional financing.
We were preapproved for over $400-k and these condos are only $100-$130-k.
Any feedback, help, suggestions would be appreciated!