This year learn about other loan programs
I know this is not the most exciting topic but being prepared will get buyers in
position to make offers that can close.
Non warrantable condominium complex can get a loan.
If the HOA has lawsuits and not enough reserves there are wholesale broker options
If it is just the owner occupancy under 51% Fannie might
make an exception.
The reason why the condo HOA is in trouble is vital to
making the choice. Get the HOA management company on the phone and ask them
what the
Ins and Outs of their problems.
Lenders who fund non warrantable condos (let’s say it’s a
high rise in Florida with construction defect lawsuit to just demonstrate how
ugly)
Acra
Loan stream
Loan Lock Prime
Newpoint Mortgage
Deep Haven
Change
Excelerate Capital (yes that’s how the spell their name)
ACC Mortgage
5th Street Capital
Fund Loans
Impac
First National Bank of America
They need 20% down; full doc; FICO above 680 in general
As a broker you do this borrower paid.
You charge 2 points and most of the above charges 2 points
…OUCH
Loan has to be big enough to not be a HIGH Cost Loan
Getting a new broker conduit approved, ask Paul how long
this will take
I would first start with how much this condo is in EXTRA
costs upfront. Four points, cough cough
