Condos I like rejected by fanie mae and freddie mac - can i use FHA??

Some mortgage companies, like ours, have programs specifically for non-warrantable condos. Even if a condo is not on the 'approved list' for conventional financing, there are still ways to obtain financing for it if you have a decent-sized down payment (20% typically). We'd be happy to help if you need it, just let me know. Best of luck and don't give up!

Like Jason, I have an option that may work depending on the reason the condo is "nonwarrantable" and your qualifications and loan details

More than likely, you will not be able to use FHA.. in fact, it will be near impossible to get financing on that project.. lenders have a keen eye on "Risk vs. Reward".. Condo's in general carry a greater risk in lending since during a down turn in the market, they are one of the first property types to decline in value, and conversely, one of the last property types to increase in value when the market is running strong.. lenders know this and they take extra precaution when lending on them.. they always require a condo questionnaire to determine if the property meets minimum eligibility standards.. in most cases, there is no leeway.. For the same reason a lender will not lend on this project, should be the same reason you should not buy it.. 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. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

When buying a condo. Not only do we look at you personally, but we also have to look at the condo association. For many reasons, a condo association may be rejected. There are also differences in how Fannie and Freddie look at condo associations, versus FHA condo approval. Some of this may also deal with your down payment size. A 20% down payment makes for a less stringent review of the association. Recently, some lenders have come back out with specific programs to deal with associations that are not Fannie, Freddie, or FHA approved. You may need to check into one of those.