Non Warrantable Condos
I am purchasing a non warrantable condo and the best I can do is 95% LTV. These lenders would go 100% LTV if they could see a Fannie May 1028 form showing these to be warrantable. Is there anyone that has experience with this form? If so, how involved is this "1028" process?
if you are owner occuping it and have good credit you should get a limited project review and the ratios shouldnt matter call a more experenced lender
it may or may not be possible. You need to see if it is in a subdivision with covenants and restrictions...if so there is probably language that may prohibit further subdivision. Also go talk to the county/ctiy zoning folks about this property and see if they will allow subdivision. If both come back with positive answers, make your offer with your contingency. You will incur some costs via creating the subdivision plats, which will require an as-built survey of the property showing the exact location of the structures.
Thank you for your encouragement, I really appreciate it!