Getting a non Fannie or Freddy loan for under 100k

[Sholom Pewzner]

Hey, looking to buy my second rental property condo. Purchase price 85k. Got denied by two mortgage brokers because investor concentration in that association is over 50% so Fannie & Freddy won't allow an investor loan.

Going with other lenders is also hard because they want loan amounts at a minimum above 100k.

Anyone have any suggestions??? Would love to hear from you all.

Thanks

[Eric Veronica]

@Sholom Pewzner If you are putting 25% down then the condo should qualify for a limited condo questionnaire.  The limited condo questionnaire does not ask what percentage of the condos are owned by renters vs owners so the issue should be avoided.  

The other potential issue to keep in mind is the single entity concentration.  If one company or individual owns 50% of the units then the condo will be non-warrantable

Below is a link to Fannie's condo questionnaires

short form  https://www.fanniemae.com/content/guide_form/1077....

long form  https://www.fanniemae.com/content/guide_form/1076....