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Updated about 9 years ago on . Most recent reply

User Stats

53
Posts
20
Votes
Skip Reath
  • Investor
  • Belmont, MI
20
Votes |
53
Posts

Financing Non-Warrantable Condo??

Skip Reath
  • Investor
  • Belmont, MI
Posted

Curious to know if there are any lenders who would finance a non-warrantable condo? Here's my situation. I own 11 units in a 35 unit building which does have some delinquencies in HOA assessments which the HOA is currently dealing with. The complex is under the owner/rental ratio but since I own more than 10% they become non-warrantable. Also b/c of the delinquencies they are no longer approved for FHA, however the management company tells me they should be approved again for FHA within the next year as the delinquency issue gets resolved. I have seven of my units currently rented (which is the limit) but would like to finish the rehab on another unit and list it for sale. But only if the buyer could find financing. Would be open to lease option but would want to insure the TB could get financed if the FHA didn't get approved for some reason. Any ideas or suggestions? Thanks

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