Profile picture for KSafa

KSafa

Advice

  • (1 Contributions,
  • 0 Best Answers,
  • 0 Helpful)

Contributions are sorted newest to oldest.

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?

  (0)