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16
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8
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Brandon White
  • Specialist
  • Birmingham, AL
8
Votes |
16
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Condo financing options (can’t use FHA or Conventional)

Brandon White
  • Specialist
  • Birmingham, AL
Posted

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!

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