“Yes, there are Options”
Hi Joe - Hope all is well. I am involved in a closing (representing the seller) who was just informed by her condominium association that it let its FHA status expire (I have no idea how that works, but I'm looking into it). Her buyers were approved for an FHA loan. Are there any similar loans out there that the buyers might qualify for? If so, I will send them to you ASAP.
Hopefully some of the regulations that were created as a result of Dodd-Frank will change with the new incoming President. He talked about reducing the restrictive regulations that have caused so much chaos in the mortgage industry.
A conventional loan can be done on most condominiums with 5% down. I proposed this solution to the attorney. Hopefully the down payment can work for the client.
Image courtesy of StuartMiles/Freedigitalphotos.net