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Hi I was wondering if there is anyone with mortgage experience working in the banks. I am trying to refinance my condo and the bank is playing with me big time , after jumping through hoops for 2 months , everything is good , but now they can't give me a loan at all because we have 2 many rental units in the association. I don't know what to do . I have a balloon loan , so I have to get it done somehow. Thanks
Hi I was wondering if there is anyone with mortgage experience working in the banks. I am trying to refinance my condo and the bank is playing with me big time , after jumping through hoops for 2 months , everything is good , but now they can't give me a loan at all because we have 2 many rental units in the association. I don't know what to do . I have a balloon loan , so I have to get it done somehow. Thanks
Ooh, that's the WORST. The first thing they should have done - among the first, anyway, was check with the HOA for the Ownership/occupancy situation.
There are banks that can help you - and loan types as well. What State (like, which of the United States) is the condo in?
I had two borrowers who were neighbors in the same condo complex. First one was a HARP, or DU Refi Plus, and we got an Inspection waiver. Done. Second one, we did not get the uplift and had to provide the HOA info, and we could not proceed.
Depending on how the Automated Underwriting program that we use likes the components of the deal, it may include an Inspection Waiver. This gets you around having to disclose the ownership/occupancy thing - - legally.
I would talk with another lender, explain the situation, as them to run it looking for a DU Uplift, or Inspection Waiver within the findings. Make sure they include all of your assets in the application. Specifically, it's an 807 sfc code on a du refi plus and an 801 piw on a traditional conv.
i am in north dakota , I owe about 98K on it , it's worth about 160 . i don't know what the hell to do
Go to your local bank and see if they will do a portfolio loan (in house loan that will not get sold to Fannie Mae or Freddie Mac). If they will do it, it may have a balloon on it again but you don't owe all that much so....
Go to your local bank and see if they will do a portfolio loan (in house loan that will not get sold to Fannie Mae or Freddie Mac). If they will do it, it may have a balloon on it again but you don't owe all that much so....
It looks like this is my only option , they won't do it any other way . So i am waiting right now for the call , I hope this works.
I am soooo disappointed at the system can't even explain it . My score is 770 , my debt to ratio is good , the condo is worth almost 60K more than what I owe and still not good enough for some imaginary system . Every goddamn bank and institution keeps telling people you have to pay your bills at time and be a good and obedient citizen . Then the banks go to -s h i t- because of their greediness and get the bail out and rewarded for it . Now, those same banks are telling ME that I can't get a loan because rules changed due to their f -u- c- k up.
If this doesn't work out , I am just going to stop paying my bills all together and see how low can I get my credit score . To hell with the system..... My own loan officer admitted that the system is flawed and constructed mostly for people with money.
I think the 10% ownership guildline is arbitrary and set way too low.
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