Unique condo conversion program saves the deal

Mortgage advisor: Brenda Wyatt. Property type: Condominium in Oakland. Loan amount: $312,000. Loan type: 30-year fixed. Loan rate: 3.99 percent. Background: Wyatt’s clients were in the market for a new home and found a condominium to suit their needs. The entire building had recently been converted into condos, which is becoming a popular occurrence in the East Bay. While this provides an ideal opportunity for first-time buyers, getting financing in place can be particularly tricky, considering the strict guidelines Fannie Mae and Freddie Mac impose on condo conversions.

The seller of these units had already run into this exact issue, with many lenders uninterested in navigating the intricate financing and difficult documentation required for this type of purchase. Luckily for the borrower, several agents with Red Oak Realty were on hand who were familiar with Wyatt’s previous successes navigating complicated financing and contacted her to discuss the obstacles.

Putting her problem-solving skills to work, Wyatt was able secure financing for her clients, as well as several other units in the complex, with a limited condo conversion financing program available through American Pacific Mortgage.

As word of Wyatt’s ingenuity got out, Realtors at other agencies began to refer their clients to her to secure financing in the complex as well.

Brenda Wyatt, Holmgren & Associates,

(510) 433-8801, brenda@mortgageholmgren.com Just Approved yourself ? Send your story to realestate@sfchronicle.com