Posted on: 06th Dec, 2007 12:57 am
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
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
Hello Sagarthakar,
As far as I know, none of these programs provide loans for condotels.
As far as I know, none of these programs provide loans for condotels.
Your correct. Condos are allowed but not Condotels
Condotels are not a property type they allow.
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
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
if you go to efanniemae search for document 0707.pdf. It won't allow me to post the exact URL.
"https://www.efanniemae.com/sf/guides/ssg/annltrs/pdf/2007/0707.pdf"
[Link deactivated as per forum rule]
[Link deactivated as per forum rule]
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.
Sorry about the link :) didn't realise it was against forum rules.. won't happen again.
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
If anyone has more descriptive information regarding this topic please post your views.
Regards
Sagar