Non Warrantable Condo Loan TX

[Anonymous]

I am looking for a Non Warrantable Condo Loan for Texas.  Anyone know of a program?  I have 10 % to put down on a $55K condo.  Of the 12 condo units it's 6 owner occupied and 6 investor owned and 1 entity owns 2 units.  This is why it's considered Non Warrantable.  I have good/great credit Ficos average 736 as of 11/14/08.  No negative information on my credit reports what so ever. 

[DallasLoanGuy]

Call wells fargo.... 

you dont want a lobby loan officer. they have corporate loan officers in the back.... that is who you want.

let me know if that doesnt work for ya, and i will ask around.

[Anonymous]

Wells Fargo was the second company I tried after the first lender rejected me.  She was the senior loan rep at the branch where they did corporate/business lending.  This branch was actually not even a banking branch...just did loans. 

[DallasLoanGuy]

What city?

[ShanetheMortgageMan]

The issue is mortgage insurance, which is required when the loan-to-value is over 80%.  Mortgage insurance companies are requiring conodminiums to be warrantable otherwise they are ineligible for coverage.

[DallasLoanGuy]

maybe a credit union.....

and what shane said

[Anonymous]

Beaumont, TX

[Anonymous]

I found a local bank who is doing the loan now.  But the loan officer is the rudest I've come across.  I'm just thinking at the last minute it's going to fall apart and I want to gather back ups now.  This bank offered a condo loan with 10% down, no PMI (hence what Shane said) but 5 year fixed and then a ballon payment.  The LO told me the condo certificate I provided her was "worthless" and I needed to get an updated one.  And I had to provide my last two years income tax filings in additional to W2's.  She's just abrasive in email responses.  I've documented all this down and whether I get the loan or not I'm going to write the CEO of the bank a letter when I'm done. 

[DallasLoanGuy]

Call a local credit union or local bank. You need a 'Portfolio Lender'. Which means: They keep and service the loan as a part of their portfolio.

Does the listing agent have any ideas?