Posted by Jim Simmons on October 08, 2009 at 12:42:51:
TCF Bank offers loans on non-warrantable condos… only problem here is that the property is rented out. You may have some trouble getting this financed. Any equity in the primary home?..
Non-Warrantable Condos - Posted by Mark in Phoenix AZ
Posted by Mark in Phoenix AZ on August 05, 2008 at 14:55:50:
Hello,
My wife has a condo that she purchased with hard money and rented out 2 months ago. The condo appraised for $105K and she owes $63K. Currently the deal killer has been the fact that more than 15% of the units in the condo complex are deliquent on the HOA dues, which I just found out that this is a new Fannie Mae guideline that makes the condo non-warrantable. The investor or owner ratio is under 50% so we are fine in that respect. If anyone knows of some good portfolio lenders in AZ that could REFI this loan or any suggestions would greatly be appreciated.