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 sagarthakar
Joined: 15 May 2007
Posts: 68
25.93 Dollars($)
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 Posted: Thu Dec 06, 2007 1:57 am Post subject: My Community Mortgage |
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Hello,
Can anyone guide me if Programs Like MCM / Flex 97/100 or rather all Community Programs provide loans for CONDOTELS, what I have noticed till date is that they just say Condo allowed as a property type....
I went through the FNMA U/W Guidelines but they mentioned to refer to the seller service guide when I referred this guide I failed to find any such information.
So can anyone provide me a valid information whether such programs allow loans on CONDOTELS.
I believe they don't but need a valid proof for the same.
Please help
Regards
Sagar |
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jenkin7
Joined: 04 Jun 2007
Posts: 939
140.77 Dollars($)
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| Posted: Thu Dec 06, 2007 2:50 am Post subject: |
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Hello Sagarthakar,
As far as I know, none of these programs provide loans for condotels. |
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Guest
0.10 Dollars($)
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| Posted: Thu Dec 06, 2007 4:03 am Post subject: |
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| Your correct. Condos are allowed but not Condotels |
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chrisburns
Joined: 13 Nov 2007
Posts: 113
Location: Florida
28.85 Dollars($)
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| Posted: Thu Dec 06, 2007 4:04 am Post subject: |
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Condotels are not a property type they allow.
_________________
Chris Burns
Five Stars Mortgage, LLC
Office: 800-871-2636 ext. 200
Cell: 407-456-3697
Residential & Commercial Loans |
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sagarthakar
Joined: 15 May 2007
Posts: 68
25.93 Dollars($)
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| Posted: Thu Dec 06, 2007 4:32 am Post subject: reply |
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Thank you guys,
Is there any official documented record by FNMA/FHLMC agencies which says that Condotels are not allowed.
Or if they say Warrantable Condos are allowed, then this clearly states that Condotels are not allowed... am I on right track...
Please help
Regards
Sagar |
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Guest
0.10 Dollars($)
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| Posted: Thu Dec 06, 2007 6:08 am Post subject: |
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if you go to efanniemae search for document 0707.pdf. It won't allow me to post the exact URL.
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Need help choosing the right loan? Get free consultation from community lenders/consultant |
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chrisburns
Joined: 13 Nov 2007
Posts: 113
Location: Florida
28.85 Dollars($)
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| Posted: Thu Dec 06, 2007 6:08 am Post subject: |
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"https://www.efanniemae.com/sf/guides/ssg/annltrs/pdf/2007/0707.pdf"
[Link deactivated as per forum rule]
_________________
Chris Burns
Five Stars Mortgage, LLC
Office: 800-871-2636 ext. 200
Cell: 407-456-3697
Residential & Commercial Loans |
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shane
Joined: 03 Dec 2007
Posts: 79
Location: Orange County, CA
22.78 Dollars($)
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| Posted: Thu Dec 06, 2007 11:22 am Post subject: |
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Sagar, you are going to have a to get a non-conforming loan program for purchasing a condo-tel. Typically 10-25% is required. In the past 12 months the market for condo-tel financing has dried up tremendously, but there are still a handful of lenders who finance them. I just closed on a condo-tel in San Diego and had 2 lenders to choose from because it did not have a kitchen.
_________________
Shane Milne
TheBestHomeLoans.com
Mortgage Broker
Direct: 949-273-4161
Lending in 50 states + the District |
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chrisburns
Joined: 13 Nov 2007
Posts: 113
Location: Florida
28.85 Dollars($)
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| Posted: Thu Dec 06, 2007 11:58 am Post subject: |
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Sorry about the link  didn't realise it was against forum rules.. won't happen again.
_________________
Chris Burns
Five Stars Mortgage, LLC
Office: 800-871-2636 ext. 200
Cell: 407-456-3697
Residential & Commercial Loans |
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sagarthakar
Joined: 15 May 2007
Posts: 68
25.93 Dollars($)
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| Posted: Thu Dec 06, 2007 9:37 pm Post subject: reply |
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Thank you folks .. u have been a true help. I appreciate your prompt response.
If anyone has more descriptive information regarding this topic please post your views.
Regards
Sagar |
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