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My Community Mortgage

Posted on: 06th Dec, 2007 12:57 am
Hello,

Can anyone guide me if Programs Like MCM / Flex 97/100 or rather all Community Programs provide loans for CONDOTELS, what I have noticed till date is that they just say Condo allowed as a property type....

I went through the FNMA U/W Guidelines but they mentioned to refer to the seller service guide when I referred this guide I failed to find any such information.

So can anyone provide me a valid information whether such programs allow loans on CONDOTELS.

I believe they don't but need a valid proof for the same.

Please help

Regards

Sagar
Hello Sagarthakar,

As far as I know, none of these programs provide loans for condotels.
Posted on: 06th Dec, 2007 01:50 am
Your correct. Condos are allowed but not Condotels
Posted on: 06th Dec, 2007 03:03 am
Condotels are not a property type they allow.
Posted on: 06th Dec, 2007 03:04 am
Thank you guys,
Is there any official documented record by FNMA/FHLMC agencies which says that Condotels are not allowed.

Or if they say Warrantable Condos are allowed, then this clearly states that Condotels are not allowed... am I on right track...

Please help

Regards

Sagar
Posted on: 06th Dec, 2007 03:32 am
if you go to efanniemae search for document 0707.pdf. It won't allow me to post the exact URL.
Posted on: 06th Dec, 2007 05:08 am
"https://www.efanniemae.com/sf/guides/ssg/annltrs/pdf/2007/0707.pdf"







[Link deactivated as per forum rule]
Posted on: 06th Dec, 2007 05:08 am
Sagar, you are going to have a to get a non-conforming loan program for purchasing a condo-tel. Typically 10-25% is required. In the past 12 months the market for condo-tel financing has dried up tremendously, but there are still a handful of lenders who finance them. I just closed on a condo-tel in San Diego and had 2 lenders to choose from because it did not have a kitchen.
Posted on: 06th Dec, 2007 10:22 am
Sorry about the link :) didn't realise it was against forum rules.. won't happen again.
Posted on: 06th Dec, 2007 10:58 am
Thank you folks .. u have been a true help. I appreciate your prompt response.

If anyone has more descriptive information regarding this topic please post your views.

Regards

Sagar
Posted on: 06th Dec, 2007 08:37 pm
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