THE MARK condominium community in Downtown San Diego has been dealing with a pending litigation between the homeowners association and the developer. This has made the condo units “non-warrantable” as such very few lenders have been able to offer lending options there.
We are pleased to announce that we can now offer lending options at prime interest rates for existing MARK Condo owners as well as prospective buyers.
What is a Non-Warrantable Condo?
A non-warrantable condo is a property where the loan does not meet conventional guidelines as set by Freddie Mac and Fannie Mae. Thus, the loan cannot be sold to those institutions. Mortgage financing can be difficult to obtain on non-warrantable condos because it is considered too risky by most lenders. The options are usually limited to non-conventional loans and less than idea mortgage terms.
Lenders or credit unions that specialize in these typos of loans, such as Coast 2 Coast Funding Group, do so by charging above market interest rates and fees and offer adjustable rate loans which carry more risk to the consumer than the traditional 30 year fixed mortgage.
Special Lending Approval for Transparent Mortgage
However, a local lender that we work closely with has granted Transparent Mortgage a special lending approval for THE MARK Condos in downtown San Diego, enabling them to use conventional loan products. Transparent Mortgage is proud to announce it has received special lending approval for condominium units sold within this desirable community located in the trendy East Village part of Downtown San Diego.
What this means is that Transparent Mortgage will be able to offer conventional loan terms and services to borrowers looking to purchase or refinance in THE MARK. Other lenders will have non-conventional loan limitations and many will just avoid lending there altogether because of the non-warrantable status. This makes Transparent Mortgage the pre-eminent mortgage lending resource for THE MARK.
Conventional Mortgage Loan Options
Other lenders servicing borrowers in The Mark have been forced to provide unattractive ARM (adjustable rate mortgage) loans that are usually above current market interest rates and fees. Because of our special lending approval, Transparent Mortgage will not have these limitations and will provide better mortgage options. Our conventional loan products include 5% minimum down payments, no private mortgage insurance (PMI), 30-year fixed loans and 15-year fixed loans. In addition, Transparent Mortgage only charges the $995 lender fee without any other hidden fees and charges that you’ll find with other mortgage loans.
We are already working on several transactions within THE MARK community. Full underwriting approvals have been issued on a purchase loan and a refinance for borrowers there. We are very excited to have this special lending approval and opportunity to serve more homeowners in THE MARK. Real estate agents and their clients will be happy to learn that traditional mortgage options are available in this non-warranted condo community.
To learn more about our special financing approval and your mortgage loan options when buying or refinancing a home in THE MARK, contact Transparent Mortgage today.