Quote:
Originally Posted by micbattise
After initially approving my loan and taking a $300 processing fee, my bank denied refinancing my condo because the owner-occupancy rate dropped to 60-40%. Bank says it cannot lend because of new stricter FANNIE MAE/FHA guidelines. I've checked with 2 other lenders that concur.
Do you know of any lenders that can help me? The condo is a highrise in Albany, unit appraised at $300k, owe $86k, have longterm employment, and good credit and currently have 15-yr fixed loan I want to refi to 30 yrs. Help! (Never thought I'd need any in this area.)
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Unfortunately it's going to be tough if not impossible to find a lender that will issue a condo cert for a condo project with less than 70% occupancy. Thank goodness that lenders and GSE's tightened up guidelines to the point of ridiculousness. I mean, we can't have strong credit borrowers with stable employment refinancing at 33% loan to value to take advantage of lower market rates!
Sorry about that sarcastic little bit, just a bit frustrated (as I'm sure you are) with the entire system. I wish you the best of luck, and I will keep my ear to the ground for you.
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