Atlanta, GA · Member since 2018 · 11 posts · 3 votes
Hello! I was getting a loan with Georgias Own Credit Union and they told me they cant give loan because the condominium is not Fannie Mae approved. Anyone knows any other bank or lender who would do this loan? thanks!!
Real Estate Agent · Woodstock, GA · Member since 2018 · 253 posts · 255 votes
7y
@Eliecer Trillos I sold a whole bunch of condos 2 years ago that were not Fannie Mae approved. They were a conversion(Former Apartment that was converted to condos). Over 50% of the units were rentals so it was not Fannie Mae eligible. We ended up finding a portfolio lender that was able to finance them but they were all on commercial terms, so that would be an option. A more important question to look into though is why they are not Fannie Mae approved. Is it due to rentals or is it due to financials? If a condo is in poor financial health that will also disqualify it.
Real Estate Agent · Woodstock, GA · Member since 2018 · 253 posts · 255 votes
7y
@Eliecer Trillos I sold a whole bunch of condos 2 years ago that were not Fannie Mae approved. They were a conversion(Former Apartment that was converted to condos). Over 50% of the units were rentals so it was not Fannie Mae eligible. We ended up finding a portfolio lender that was able to finance them but they were all on commercial terms, so that would be an option. A more important question to look into though is why they are not Fannie Mae approved. Is it due to rentals or is it due to financials? If a condo is in poor financial health that will also disqualify it.
Rental Property Investor · Clarkston, GA · Member since 2012 · 2k+ posts · 1k+ votes
7y
Its common to rain on a condo as an inveestment to rent, but its for good reason. Would you like to be hit with a $10k special assessment to fix the elevators?
Regardless of the reason, I suggest you only consider Townhomes or houses, not condos. Too much risk in the HOA and building issues that are surprise costs.
Non-FANNIE, non W-2 lenders that do 30 yr asset based loans: lima One, Angel Oak, Finance of america. Idiot BP does not allow me to post any more contact info for referals... You'll have to google.
May have a lender that works for you in the non-QM world of lending. I have used a couple from the list there, (BofA, Green Box, Navy Federal, WF, and Amerihome)
Hello! I was getting a loan with Georgias Own Credit Union and they told me they cant give loan because the condominium is not Fannie Mae approved. Anyone knows any other bank or lender who would do this loan? thanks!!