I wish to purchase a condo but unfortunatley it is not listred on the VA, or FHA approved condo list. To make matters worse, one owner has owenrship of 13 units out of the entire 60 unit complex. He has had these units for 22 years but is making it impossible to find a mortgage since he owns more then the FHA.HUD guidelines of 10%. Does anyone know of a company that may lend and waive this 10% ownership guideline?
10% maximum ownership in a condo is limiting financing opportunities since one original project owner ows 21.66% of the units and has done so since 1985. Any finaincing avenues out there? by masterchiefmjd from Biloxi, Mississippi. May 19th 2011
John Schweer (johnschweer)
#9 ranked lender in Missouri - 163 contributions
in short yes there are options, contact me and we can further discuss the situation
Glenn Midnet (PremierMortgage)
#36 ranked lender in Florida - 10 contributions
Are you buying this in Florida? Is this going to be a Primary Residence? I might be able to get this done but not as a FHA deal. Premier Mortgage Consultantswww.FloridaLowestRates.comGlenn Midnet877-276-8323
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