Home arrow Mortgage Forums arrow Announcements Feedback and Our Pub arrow

Condo lona with low owner occupancy

Author Message
Shari

Guest







Post Posted: Sat Dec 12, 2009 8:18 pm    Post subject: Condo lona with low owner occupancy
Like 0
Dislike 0

I would like to know if anyone knows of a loan out there that would accept owner occupancy rate of 54%. The complex is only 5 years old and the developer has chosen to rent out approx 25% of the units until the economy improves. My sister closing was cancelled 4 hours before as Wells Fargo will only accept 70% owner occupancy. She is devestated and i am trying to help investigate options. She needs to close in 5 days or this unit will go into foreclosure. This unit was a short sale. She has all of her documents and even an appraisal. Can this happen?
_________________
Need help choosing the right loan? Get free consultation from community lenders/consultant
Icon Mini Profile jameshogg
jameshogg




Joined: 20 Dec 2005

Posts: 10159
Location: Nevada
943.49 Dollars($)
Post Posted: Mon Dec 14, 2009 12:22 am    Post subject:
Like 0
Dislike 0

Hi Shari,

Banks have their own rules and regulations and they won't compromise on that. Though she has all the required documents, the lender will not be ready to give your sister a loan because the occupancy rate of the condo complex is 54%. She can try and contact some other lenders to check out if they can help her with a loan in this situation. She may even contact the lenders of this community and seek a no obligation free mortgage consultation from them. This will also help her know whether or not she would get a loan.

Thanks
Quick Reply
Your Name
Subject
Image Verification


Can't read the image? click here to refresh
Message body

All times are GMT - 7 Hours
Page 1 of 1

 
Highlights
Bookmark this page
Share |

Helpful References
Mortgage Guide
Mortgage Terms
Mortgage News
Book Center
Shop and Compare lenders
30 Yr. Fixed Vs. 5/1 ARM


Calculators     [View all]
Are you eligible for loan?
How much you can afford?
Calculate monthly payment
Calculate APR


Financial Tools
Credit Repair Tool New
Mortgage Planner
Simple Budgeting Tool


Our Community
MortgageFit Blog
Community Professionals
Community Rewards
Introduce yourself
Website tools


Community Rewards
Five simple ways to earn money with the Mortgage Community.

MortgageFit on Twitter

Followers (265)








Community Chat

We have chosen to apply the Creative Commons Attribution License to all works we publish. This work is licensed under cc by 2.0
Page loaded in 21.134 seconds.