Condo Loans

Dallas Native sits down this week with Dekoven Wesley from Movement Mortgage to discuss why they are the best in the business when it comes to dealing with Condo loans .

               

MaryBeth H.: Hi, this is MaryBeth Harrison with Dallas Native Voice. Today I’m sitting with [Dekoven Wesley 00:00:08] and I want to talk about condo loans. Seems like it would be such a simple thing but we have learned that it is not a simple thing. So, talk to me about what makes a condo loan so difficult.
Dekoven Wesley: So, there are different things that you have to be aware of whenever you’re wanting to buy a condo. There are some condos that are warrantable. Basically meaning that the investors, they meet the investor requirements for Fannie Mae and Freddie Mac. Those are the two big investors. Then there are non warrantable which basically means that it doesn’t meet those.
MaryBeth H.: What’s something that would make it not meet it? Or is it just an arbitrary thing?
Dekoven Wesley: No. There are certain criteria that we go and look at. So, we’re wanting to … There are certain insurance things that we look at. Also the occupancy, we’re checking those types of things. There’s a list of criteria that we go through and we look at when we’re determining if a condo is gonna be warrantable or not warrantable.
MaryBeth H.: OK. All right. Well, that’s a good explanation. So, if a condo is considered not warrantable, is there something you all can do to overcome that and make it warrantable, make it something you can get a loan on?
Dekoven Wesley: Yeah. In some cases we’re able to fit them into our portfolio of what we’re able to do. And then we also like to check and see if maybe something was overlooked, maybe something was entered incorrectly, to maybe turn that situation around and then make it a warrantable condo.
MaryBeth H.: Okay. Well that’s good to know. And then, some condos are FHA approved and some aren’t. How did that happen? How does that work?
Dekoven Wesley: Kind of a similar thing too. So FHA, has a criteria that they want met in order to be able to lend on a condo, so same situation. We’ll go through and we’ll check to see, maybe something, again, was overlooked or done incorrectly and we can check to see if we can make that condo doable also.
MaryBeth H.: Okay. All right. So not impossible to do a condo loan.
Dekoven Wesley: No. Not at all.
MaryBeth H.: I hear that from a lot of people, going “Oh, we can’t get a loan for a condo.” Yes, you can. It’s a very doable thing and you all do a great job of it. I’ve not had one that you couldn’t do so far. So-
Dekoven Wesley: Thank you very much.
MaryBeth H.: It’s a really, a really positive thing to have. So if you’re having problems getting mortgages for a condo call Dakoven at Movement Mortgage and make that happen and they can do that for you. So, anything else you can add to us on those loans that would help?
Dekoven Wesley: What we love to do is, whenever a person’s looking into a condo, we would like to be able to join in on that, without any charge, at least on the initial side. But we’ll go through and we’ll do the work to see if it’s possible to get that condo approved. So we like to look at them from all aspects, whether it be conventional, FHA, VA. We look at the complex to see, all of the different types of loans that we can do.
MaryBeth H.: So that’s one of those, the sooner you get started the better.
Dekoven Wesley: Yes.
MaryBeth H.: So, as soon as you’ve identified a condo that you even think you want to buy, they should get that to you and let you do your research on it.
Dekoven Wesley: Exactly.
MaryBeth H.: Before you even fall in love with something that you can’t have.
Dekoven Wesley: Yep. Very true. That’s right.
MaryBeth H.: All right. Super. Well, I think that covers it. Thanks for listening and you can find us on all the social media and of course at DallasNative.com

 

 

Information Courtesy of Dallas Native 

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