I would like to know if BNC National Bank will finance a condominium located in Lake Worth, Florida for $70,000.00

I don't understand why you are asking a general mortgage info forum about a specific lenders willingness to finance the property. Recommend you contact that lender or one of their loan officers directly - or see if there are other options through our community... Generally condo's are more difficult to finance but it depends on a lot of factors such as whether you are going to live in the property, how much downpayment, type of loan, etc. - PLUS info from the condominium association especially as relates to % of the units that are rented, % of units that might be delinquent in paying regime fees, lawsuits, reserves, etc. Be prepared for an involved approval. Good luck!

You'd have to ask them...

Doubtful, but you would need to call them to find out.. Your best source for mortgage financing is not with a direct, but rather a mortgage broker.. the broker has access to numerous lenders seeking out the best terms for your particular scenario.. When it comes to condo's, the rules are very specific, and the lender needs to know a lot of info regarding the management and complex to make a lending decision.. Most lenders require a "condo questioner", and what they are trying to find out is how many units are owner occupied vs. vacant, investor owned, or rentals.. they also want to know how many "paying units" there are.. Are any of the units in foreclosure, how much reserves does the complex have, are there any pending legal actions, etc.. because of property values in FL, and condo's being one of the less attractive types of real estate, you might have a hefty task ahead of you trying to find a lender willing to do a condo.. but, as I stated earlier,,, your search will be much easier if you contact a local mortgage broker.. .. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

I have no idea if BNC National Bank will finance a condominium in Lake Worth, FL. I am not familiar with their guidelines. However, we lend on condo's in Florida all the time. There are many factors to consider with Florida condo's in addition to the normal lending requirements. It's much simpler to discuss the situation than to try and address all possible scenarios in a blog post. Please feel free to contact me and I would be happy to go into more detail concerning your situation the request for financing on this condo. John Beman, 888-779-6500 x 7315 or john.beman@amflc.com

Although this is an unusual question to ask who essentially are BNC's competitors, it implies there is information you are not getting from your BNC loan officer.All major banks can finance condominiums. Some banks are allowed to exclude this property type from their lending portfolio or add some harsher underwriting guidelines.When you put this question to your BNC loan officer, what did he/she say?