Financing in 20148>Question Details

JD Shaw, Home Buyer in Ashburn, VA

Investment Condo -- Condo Questionnaire -- Condo docs does not specify Number of units reported as Investor/rentals ?

Asked by JD Shaw, Ashburn, VA Fri Jan 11, 2013

Lender is delaying loan because total ratio of number units to Number of 2nd homes is 52%.
Condo questionnaire do not report number of units as investor /rental properties.
I am trying to argue -- Since investor/rental properties are not reported -- assuming all 2nd homes into investor property is incorrect.. Lender's argument is -- We do not have any other number to go with.
What can I do ?

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Hello:

I would definitely contact the condo association for more detail on the ratio of owner occupied to investor properties within the condominium. Lenders do require that information to process a loan and actually, in my experience, the association will make certain a buyer intends to occupy the property -- so they assure there isn't an overage of rental units within the condominium.

Another point, if the condo docs reveal a high number of defaults (either foreclosures or short-sales) this info can cause problems when the lender is considering approving a loan.

I'm available to help with any other information you are seeking.

Regards,

Julie Gray-Roller
Long and Foster
2 votes Thank Flag Link Sat Jan 12, 2013
Hi JD - you can call the condo association and ask them if they are legally allowed to interpret that question differently. Also, I know of a bank that has a portfolio product where the investor ratio is not a factor. Please contact me if you would like more information.

Thanks,
Sonal
0 votes Thank Flag Link Fri Jan 11, 2013
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