Lenders for Non Fannie Mae approved properties

[Eliecer Trillos]

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!!

[Matthew Nicklin]

@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.