Just got a non-warrantable condo under contract today, that was in foreclosure, in the Denver area ( Aurora ).
My non owner occupied mortgage was pre-approved before searching for properties, but not for not-warrantable condos.
I have a great credit score and 20% down payment ready to go.
Do you have any recommendations on lenders who hold these types of condos?
You have some options for spot approval or limited review and if not just doing a Non-warrantable condo loan.
You'll need to put 25% down. Two years ago the underwriting guidelines for conventional lending. It's been great! They do a limited HOA review and won't lend based a few scenarios (lawsuit etc). Your current lender should handle it.
Before the change we had to work with local banks for spot approvals. It's much easier and better terms now with the updated guidelines. Just go conventional.
Any lender I've every talked to has required 25% down. Might as well get a 30 year fixed.
Are Spot Approvals a different type of loan or just a different approval process for conventional mortgage?
Does it require a specific type of lender?
@Blaine Martinez the brokerage in Denver I work with may be able to help. I'll DM you.