Question Details

Pete, Home Buyer in San Francisco, CA

How to refi a condo in a complex with less 50% owner occupied units?

Asked by Pete, San Francisco, CA Sat Oct 1, 2011

A couple months ago, I was approved for a HARP loan for a condo. It is considered an investment property, has a value of 119k and the current loan is 140, so the LTV is about 118%. I was approved by aimloan and everything was ready to close until they pulled the HOA questionnaire and saw that over 50% of units were renters. That sunk the deal despite my excellent credit and approval for the HARP program. I now know that this is a huge barrier for condo owners and have even been told by credit unions that they would not be able to help.

The condo is located in Murrieta, ca (riverside county), just north of San Diego.

Are there any suggestions for where to go to refinance?

Appreciate the help.

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Answers

1
We don't have any project review requirements for condominiums or PUD's on the DU Refi+ program (Fannie Mae's version of HARP), but only go to 105% LTV on an investment property. I've emailed a cohort to ask if they also wouldn't require a HOA questionnaire but could go up to 125%.
0 votes Thank Flag Link Sat Oct 1, 2011
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