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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?

jameshogg · Posted: Mon Dec 14, 2009 12:22 am Post subject:

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

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Condo lona with low owner occupancy