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Condo Refinance Rejected Because Property is not 100% complete

Hello, I am trying to refinance my condo 10/1 ARM into a 30yr fixed.  A lender offered me 3.25% and then rescinded once the Association Questionnaire was produced.  It seems as if of the 619 total units to be built, only 613 are complete.  Fanny Mae rejected the loan on the basis of the association not being 100% complete.  The problem is the 6 outstanding units represent the sales office and will not be converted until the property is sold out (currently 94% sold).  Do I have any recourse here?  It seems as if those units should count as being completed since they are technically finished.  Does Fanny allow for exceptions like this, or is it a blanket policy that 100% must be complete?

Thanks,
Tim
  • June 13 2013 - Grays Ferry
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Answers (3)

You may benefit working with a bank that has portfolio products and may approve Fannie Mae Non Warrantable Condos.  Feel free to call or email me via my profile if you would like to talk about this.

  • June 25 2013
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Profile picture for Neeraj Jassal
Tim, does the condominium association have of a Certificate of Substantial Completion?

Is your lender local?  I know of some local lenders who can probably get you the loan - one in particular specializes in condominium projects and whose underwriters know how to navigate those issues.

Send me an email if you would more info and I can put you in touch with my contacts.
  • June 13 2013
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We do have programs avalable please contact me through my profile.
  • June 13 2013
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