Hi I’m R. J. Baxter with the R. J. Baxter team at Fairway Independent Mortgage Corp, a 15 year mortgage lender veteran and we can help you to finance your condo loan in the Denver area.
There are a couple of things to keep in mind if you’re buying a condo in the Denver area. One of the biggest ones is you must make sure that the condo complex is what we call warrantable.
A non-warrantable condo is a term you might start to hear if you’re looking to buy a condo and what that means is that the condo doesn’t meet the parameters that are required for the type of loan that you are seeking.
So if you are putting less than 10 percent down on a conventional loan and the condo for example has a high concentration of properties that are rented out, rental properties, investment properties, then that complex may be what we call non-warrantable.
There are also other factors that could cause a condo to be non-warrantable and we can help you to determine if the condo you are looking at is warrantable or non-warrantable. If the condo is non-warrantable, it makes the financing more challenging.
So it’s something we need to be aware of before you make your offer on the property, if possible. Sometimes it’s not possible to get all of the information that we need up front. There’s a form that we will send to the homeowners association, to the condo association called a ‘’condo questionnaire’’ and what this form does, is that it gives us all the information that we need to determine if this complex is warrantable or not.
But don’t fear, if you have 10 percent or more down on your condo loan, we can help you to work around the warrantability guidelines and still get your loan approved even if the condo does have a high concentration of investment properties or another parameter that causes it to be non-warrantable.
If you’re seeking a government loan, an FHA loan, a VA loan, it’s not quite the same, but what we need to do is make sure the condo complex is either on the FHA or the VA approved condo list. We can help you look that up to determine if the complex is an eligible complex for your type of financing.
Now if you have less than 10 percent down, don’t fear because there are a lot of options available for lower down payment including down payment grants that are available in the Denver area to help you bring a minimal amount to closing so if you’re having a hard time saving up for a down payment, we can help you with that also with as little as a $1000 out of your pocket to get yourself into a condo in the Denver area.
Once again my name is R. J. Baxter, just give us a call in the office, we will help you to get your questions answered and we will be very responsive to your call and get back to you quickly if we’re not available right when you call in.
You can either call us at 303-670-0137 or email us at baxterteam@fairwaymc.com, we look forward to speaking with you and have a great day.
