Get Pre-Qualified in Snowshoe, WV!

Financing a Snowshoe property can be tricky, primarily due to the fact that much of the mountain property is considered “unwarrantable“. This means that many Snowshoe properties do not qualify for long-term fixed-rate mortgages that can be sold on the secondary market to the Federal government (Fannie, Freddie, FHLB, etc.). Often times lenders will require a “condo questionnaire” to be completed to better understand the type of property being financed.

What is a condo questionnaire?

A condo questionnaire is a document that most lenders require in order to determine if a property is designated as a townhouse or condominium – and is part of an HOA (Homeowner’s Association). The document helps lenders determine whether or not projects such as those in Snowshoe, WV comply with the lender’s underwriting prerequisites.

Lenders consider condominium units riskier than single-family homes because the physical and fiscal well-being of the entire development affects the unit’s value. If other residents fall behind on their association fees, it influences the community’s fiscal health. Similarly, if a high proportion of non-occupant owners rent out their units without maintaining them, it affects the community’s physical state. Therefore, association managers or HOAs are asked to fill out the condo questionnaire upon a lender’s request.

Local WV Lenders Can Provide Snowshoe Financing

Luckily, there are local Snowshoe lenders who can provide financing. I have found that Davis Trust in Elkins, WV is very easy to work with. Your loan would be held in Davis Trusts’ portfolio and underwritten as an investment property.  Davis Trust would be your underwriter, approver (up to $250,000), and servicing agent post-closing.  These loans require a 20% down payment and are currently priced at a varying rate on a 5/5 adjustable-rate mortgage (ARM).  The loan is typically amortized over 20 years but can be up to 25 years upon your request. Davis Trust has an excellent track record of closing these types of sales in 30-45 days.

If you are interested in obtaining pre-approval in Snowshoe, WV, please complete the personal financial statement below: