Is it possible to finance a condo with less than 20% down payment?

We offer 95% financing on warrantable condominiums.  What does this mean? If the property being financed is for the borrower to occupy as their primary residence, if they have 5% down payment and some money for closing costs, if they have a minimum credit score of 680, they may be eligible to buy a condo with this program. 
The condo project must be approved, as well as the buyer.  The meaning of warrantable means that the condo association must meet the requirement set by Fannie Mae and Freddie Mac for condos.  There can't be more than 9% of the development owned by one person or entity.  There can be no more than 15% delinquent property owners.  If the condo is being purchased as an investment property, 51% of the units must be owner occupied.  These are most of the major guidelines, but there are more specific requirements ( see attached ) and unique circumstances that may need to be explored before entering into an agreement to buy a condominium. 

Andy Williams
President
Abacus Regional Mortgage
484 695 5972
NMLS # 118317

No more Harleysville Bank

As many of you know, I have been doing business with a small local bank in Bucks County named Harleysville Savings Bank for many years.  They have always accommodated my customers by doing loans that didn't quite fit the mold of a saleable loan.  This means that what Fannie Mae and Freddie Mac deemed unworthy, Harleysville gladly accepted.  They didn't sell their loans and , in many cases, couldn't sell these loans.   They financed homes on many acres, log homes, non fannie mae approved condos, land loans, loans with mobile homes attached, 80% 1-4 unit investor financing, cash out refinances requiring no seasoning, and residential mortgages for LLCs.  Although their rates are extremely high and unattractive compared to the rest of the market, they still found a niche to finance the unique buyer.  Because of their desire to begin selling their loans on the secondary market, they have informed me that they no longer wish to do business with Brokers.  Effective September 30, 2012, I can no longer originate loans for them.  If you have had anyone pre approved by me prior to this date and I told you that I would be using Harleysville for the financing, I will no longer be able to honor this request.  I will have to take the mortgage application by the end of the coming week September 29, 2012 in order to finance it with them. I'm sorry for this inconvenience, but I'm currently seeking new lenders to fulfill this void. 

Andrew Williams
President
Abacus Regional Mortgage
NMLS # 118317
484 695 5972