No, we're not back to the easy money days that caused the Great Recession, but John Adams Mortgage does recognize that many hard working and trustworthy people have been shut out of the housing market by overly tough mortgage lending practices and rules; so they have created the Fresh Start Loan program to offer new mortgage loans to those who might have had a foreclosure, a deed-in-lieu transaction, a bankruptcy or short-sale in the immediate past, but who might otherwise qualify.
Note also that they have a new program for Investors and also have a program to deal with non-warrantable condos - A non-warrantable condo is a condominium property in which the loan is not eligible to be sold to Freddie Mac or Fannie Mae, and as such, mortgage financing for this type of property is considered by most banks to be more “risky.”
From the BAC Florida Bank web site comes this explanation of non-warrantable condos - Freddie Mac and Fannie Mae would consider a condo to be “non-warrantable” if, for instance, the condo:
- Is in a development which has yet to be completed
- Is in a development which allows for short-term rentals
- Is in a development where one person or entity owns more than 10% of all units
- Is in a development where less than 50% of the occupants in a complex are the owners
- Is in a development involved in litigation of any kind regardless of whether the building is suing another party, or is the party being sued.
Some of the common property types which fall into the non-warrantable category include condo-hotels, time shares, fractional ownership properties, and other projects which require owners to join an organization, such as a golf club.
So, if you need a fresh start or are trying into buy a condo in a complex that is non-warrantable, give Chris Knocke a call today and see if these programs might work for you.