Posted on: 18th May, 2010 10:11 am
i am about to purchase an unwarranted condo with a private 3 year loan that i can pay off sooner. at present the condo is only 33% owner occupied and doesn't meet freddie mac regs. i will want to refinance soon to take advantage of low interest rates. the loan officer i was working with said that it wouldn't be a problem because the condo will meet the freddie mac regs after i buy it because the building will be 66.67% owner occupied then. i want to get a second opinion about that and not just take her word for it.
what do you think my chances of refinancing soon are? is this a big risk?
cf
what do you think my chances of refinancing soon are? is this a big risk?
cf
Hi CF,
Once you meet the Freddie Mac rules and regulations regarding owner occupancy, you'll be able to get a loan to refinance the existing mortgage. Apart from the owner occupancy criteria, you should satisfy the other required criteria such as employment, credit score, income, etc., to get a mortgage.
Thanks
Once you meet the Freddie Mac rules and regulations regarding owner occupancy, you'll be able to get a loan to refinance the existing mortgage. Apart from the owner occupancy criteria, you should satisfy the other required criteria such as employment, credit score, income, etc., to get a mortgage.
Thanks
Need a little more information.
If you buy the condo, the owner occupancy rate goes from 33% to 67%??
Is this a 2 or 3 or 4 unit condominium?? How can one person make that big a difference otherwise?
I ask this question because condo guidelines are different for 4 units total and under versus 5 to 10 units and over ten units.
If you buy the condo, the owner occupancy rate goes from 33% to 67%??
Is this a 2 or 3 or 4 unit condominium?? How can one person make that big a difference otherwise?
I ask this question because condo guidelines are different for 4 units total and under versus 5 to 10 units and over ten units.
Thanks for your message, John.
It is a 3 unit condo and none have been sold yet. The owner lives in one of them.
How are the guidelines different?
It is a 3 unit condo and none have been sold yet. The owner lives in one of them.
How are the guidelines different?
No single entity may own more than one unit.
Must be 100% complete
All but one unit must be owner occupied or second home (maximum of one investor property).
If you will be the second owner occupied unit, why can you not get a mortgage now instead of later? Are the other guidelines I mentioned above met??
Must be 100% complete
All but one unit must be owner occupied or second home (maximum of one investor property).
If you will be the second owner occupied unit, why can you not get a mortgage now instead of later? Are the other guidelines I mentioned above met??
My husband and I own both condos in a 2unit condo building. So, we own and live in 100 percent of the building. Why can't we refinance these units?
Do you've equity in the condos? If yes, then you should get a mortgage refinance. I would suggest you to ask your lender to clarify as to why he won't refinance the home loan. Also, you should remember that getting a home loan refinance will depend upon your credit score and debt to income ratio. If you don't have required credit score and debt to income ratio, the lender will not refinance the loan.
We have over 60percent equity and great credit scores. We have tried 3 lenders. All say the same thing. Something about in buildings under ten units, no one can own more than one unit. This is so unfair to us. Is there any say around this?
Though it's unfair, you can't help it. The lenders have certain requirements regarding the property and you need to meet that in order to get a refinance.