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Hey Rudi, the guideline I referenced is not specific to NJ properties. I can't imagine how your sarcasm can be viewed as helping anyone.I am contributing on this web-site for the purpose of providing assistance. Your disparaging comments undermine your purported professionalism
Good afternoon,You will need access to a portfolio program that will take into account all factors of your scenario. Depending on the details, you may be eligible for a refinance as long as the loan amount does not exceed 70% of the property's value.Best Regards,David
You will find it difficult with this. Most lenders will want at least 2 of the 3 units owner occupied. Where the other 2 units are owned by one person, if that person has any financial difficulty, your association could be in trouble. hypothetically if that owner was in trouble, are you prepared to pay all the maintenance and insurance costs?So this is why you are having an issue. I do have one lender that has a non-warrantable condo program. Andrew Adams at Salem Five might be a good resource. You could also call Belmont Savings and see if they can do anything as they might not sell all their loans to the secondary market.Edit: I just checked and my non-warrantable program will not allow 2-3 unit associations. Further no unit owner can have more than a 40% interest in the association (I assume the other unit owner is at 66%).
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