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Refinancing a condo. I have talked with different lenders to obtain refiancing for my condo and hav

 been turned down.  The reason they say is because the complex is new and not totally occupied and others in this same area are standing unoccupied.  I had obtained a conventional mortgage in March of 2008 for $181,000.00  I was able to pay off some of this mortgage and now it is down to $90,000.00.  My credit rating is excellent.  I am on a fixed income and bringing my mortgage payments down to about half of what I am paying now sure would be a blessing.  Any answers to this dilema?
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May 01 2009 - Newark
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May 01 2009
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Who is Mr. Jordan?
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May 01 2009

Conventional financing (Fannie Mae and Freddie Mac) now require 70% occupancy so you are going to have to look at refinancing with a local bank or credit union that may have a portfolio lending product (portfolio means that they are going to hold your note).  You won't get 4.5% - most likely around 5.75%-6%.

Question - why did you pay an extra $90,000 on your condo loan when you where having problems making your payment? 

The condo management company may also be able to help - they handle resale certs and condo questionaires for lenders - so they will know what lenders have been able to get financing approved on the condo.

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May 01 2009
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Thanks for your reply.  Now at last I know the answer about Fannie Mae&Freddie Mac requiring 70% occupancy.

I paid the extra $90,000 when I sold my house.  And I also hold the mortgage for the new owner for $95,000.
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May 01 2009
Flys,

There are several Portfolio Lenders that do not require a Condo Cert where you may receive financing if your profile meets undewriting guidelines. .... You have probably inquired with local banks. Look at Zillow's list of lenders in your area. Start calling them about their relationships with Portfolio Lenders that finance your situation. .... Best wishes, Rudi
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May 01 2009
 
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Refinancing a condo. I have talked with different lenders to obtain refiancing for my condo and hav
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May 01 2009 | 5 answers
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