KSafa's Advice

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KSafa wrote:

Lender adding 0.5 percent to my loan if a purchase a condo with more than 20 % renters
I was about to win a bid on a regular sale for a condo that with an offer of 310k with 110K down and finance 200K (soft pre-approval) with my bank. My loan officer told me that because the unit I was trying to buy was a condo unit  that was in a complex with  more than 20 percent renters, I couldn't qualify as a owner occupant but as an investor, and my loan would be 0.5 percent above my pre-approval. Is this common with all major banks? Has anyone else run into this and what did you do about it?
November 13 2012
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