Posted by Lee on October 19, 2005 at 14:09:59:
Hi There,
I just found out from SunTrust that there is not 1028 or 1029 approval…does this mean anything to you. She said Fannie Mae approvals generally take a couple of years to obtain.
Suntrust is also covering any mortgage broker or lender fees. I still would have to pay for the other items required in Florida for buyers…and they will close in a land trust.
You can reach me at 813 774-7700 x6 Closing Dept
Lee
Need Financing - HighRise Condo- West Palm, FL - Posted by Lee
Posted by Lee on October 19, 2005 at 10:09:40:
March 2004, I put a contract on a high rise condo for 360K with 10% down. Today, the property is worth 550K. I am exchanging into this with a New Jersey property…and want my 36K back. The preferred lender for the builder (SunTrust) says, I may not be able to get a loan elswhere because the property may be Fannie Mae unwarrantable (smile)…not sure what this means. The lender stated that a condo questionnaire would determine this. Anyone have any lenders? My credit score is 750 to 780.Thanks, Lee
Re: Need Financing - HighRise Condo- West Palm, FL - Posted by Devon Daughety
Posted by Devon Daughety on October 23, 2005 at 17:08:04:
Yeah I do non-warrantable condo’s all the time… this means that they are not Fannie Mae warrantable (meaning you can’t do a fannie mae loan) which most of the major lenders run through (i.e. suntrust, bank of america, wachovia, etc). You will need to use a smaller lender. I can help you out with this
Re: Need Financing - HighRise Condo- West Palm, FL - Posted by Patrick S. Lawson
Posted by Patrick S. Lawson on October 19, 2005 at 17:48:42:
Lee,
As Michael Steele said, “this should be an easy one”.
You will be fine. Just find a broker/lender you trust and start the process.
My $0.02
Re: Need Financing - HighRise Condo- West Palm, FL - Posted by Michael Steele
Posted by Michael Steele on October 19, 2005 at 13:28:46:
Fannie Mae just so happens to be one of the loan programs you can go with to do your deal – but thats not your only option. If your credit and financials are together and “unwarrantability” is your only obsticle then this should be an easy one.
Please contact for more info
Michael Steele