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I have found the perfect condo in Wilmington, but was shocked, even with perfect credit and 2 great jobs, our banker told us we would have a hard time finding a lender. Apparently, there is some rule about percentage of rentals in the complex? So, do any of you have any ideas of who might help us?
I have found the perfect condo in Wilmington, but was shocked, even with perfect credit and 2 great jobs, our banker told us we would have a hard time finding a lender. Apparently, there is some rule about percentage of rentals in the complex? So, do any of you have any ideas of who might help us?
Apparently there are some standard questions any lender will ask about condo complexes. It is not a rule, but a judgement by the lender that a high number of renters means higher risk.
I'd suggest using a mortgage broker, or else finding another condo building.
I have found the perfect condo in Wilmington, but was shocked, even with perfect credit and 2 great jobs, our banker told us we would have a hard time finding a lender. Apparently, there is some rule about percentage of rentals in the complex? So, do any of you have any ideas of who might help us?
only for fannie/freddie conforming mortgages. local credit unions will do the loans. Usually need 20% down on a primary,
those low money down fannie and freddie units have strict rules on amount of rentals in building.
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