Posted on: 12th Dec, 2009 07:18 pm
I would like to know if anyone knows of a loan out there that would accept owner occupancy rate of 54%. The complex is only 5 years old and the developer has chosen to rent out approx 25% of the units until the economy improves. My sister closing was cancelled 4 hours before as Wells Fargo will only accept 70% owner occupancy. She is devestated and i am trying to help investigate options. She needs to close in 5 days or this unit will go into foreclosure. This unit was a short sale. She has all of her documents and even an appraisal. Can this happen?
Hi Shari,
Banks have their own rules and regulations and they won't compromise on that. Though she has all the required documents, the lender will not be ready to give your sister a loan because the occupancy rate of the condo complex is 54%. She can try and contact some other lenders to check out if they can help her with a loan in this situation. She may even contact the lenders of this community and seek a no obligation free mortgage consultation from them. This will also help her know whether or not she would get a loan.
Thanks
Banks have their own rules and regulations and they won't compromise on that. Though she has all the required documents, the lender will not be ready to give your sister a loan because the occupancy rate of the condo complex is 54%. She can try and contact some other lenders to check out if they can help her with a loan in this situation. She may even contact the lenders of this community and seek a no obligation free mortgage consultation from them. This will also help her know whether or not she would get a loan.
Thanks