Is hard money the only way to go???
I am trying to buy a condo in Houston with my boyfriend, but my realtor says there isn't an financing available for this building but hard money. Her in house lender wants to charge me 6 points and that's after we put 50% down. He also says my boyfriend can't be on the loan because he is a visa holder and not a citizen. I really need his income because the units start at 400,000. We makr a little over 125,000 a year. My scores are 801 796 818. We both have a checking, savings and IRA accounts along with credit cards that mostly paid off. I know my realtor thinks she knows everything, but there has to be someone out there other than her in house and back up lenders that can help us. Thanks!!! by txcheerleader from Sugarland, Texas. Oct 12th 2011
William J Acres (William_Acres)
#74 ranked lender in Arizona - 8,728 contributions
There are solid reasons why conventional lenders will not lend in that building... In most areas, condos are the first to depreciate in value and the last to appreciate in value. The lenders know this and they have guidelines that are in place based on past experience such as how many units are vacant? How many units are rented vs. owner occupied? How much reserves does the complex have? How many units are currently delinquent? Etc, etc, etc... If a lender is not willing to lend in that particular building, then you shouldn't buy in that building... It's a clear red flag... WilliamAcres.com
Adrin Jenkins (Adrin@accuratecapitalmortgage.com)
#44 ranked lender in Texas - 8 contributions
I am located in Sugar Land and I would like to get more information from you to see how I can help. Please call me at you're earliest convenience at 713-370-LOAN, or email me at Adrin@accuratecapitalmortgage.com.
Is the condo fannie/fha approved? if not, many lenders, even private lenders wont lend on it. Reason for this is that if they had to take the property back, it makes it more difficult for them to turn around and sell it. Were hard money lenders for investment and commercial properties www.hardmoneyman.com
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