Condo financing options (can’t use FHA or Conventional)

[Brandon White]

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!

[Nicholas L.]

Hi @Brandon White is the condo you're looking at a perfect fit for you because of job, commute, potential future rental income, etc.? I ask because an FHA loan is a great way to NOT tie up your cash, so are there other properties you'd consider that would qualify for an FHA loan?  And for this condo, have you run the numbers on what it would look like as a rental, or would it just be a great primary?