Most people that have tried have not been able to qualify even though they meet the guidelines and would qualify according to the info available. It is a long process, involving bureaucracy and customer service that often has no idea about anything and recommend or send wrong info and applicationsâ€¦.. Just to figure out who to call can take you several hoursâ€¦..
But here is the official info
Your issue is the low owner occupancy but what you need to do is sit down and call all the local banks until you get your answer unfortunately.
I wish I could be more helpful on this.
As stated, there are programs for "nonwarrantable" condominiums if that's your case plus, depending on the number of units, FHA has suspended some investor concentration requirements temporarily. It would have been helpful to know more about the condominium project - number of units, number of owner occupied units among those and the name of the condominium project. You would best have a discussion with your mortgage person about this or, if you wish, with me.
Best wishes for a great 2011!
781-862-0585 x 223
I have a mortgage broker that I do a lot of work and he has been using the HARP program to assist folks in your situation. Contact me directly if you would like a referrals. Best
Conventional (Fannie Mae/Freddie Mac guideline based) financing (with or without PMI) generally allows for a non-owner occupany rate of 30% (exceptions can be made on a case by case basis).
FHA financing allows for a non-owner occupancy rate of 50%. FHA may be the best option for you and the unit owners in your building. This would require your association to go through the FHA Condo Approval process if your building is not already FHA approved.
Hopefully this helps, please contact me if I can assist you further.
There is a program called HARP; Home Affordable Refinance Program. It is a program that was put in place through the Obama Adminstration to help home owners who are having difficulties refinancing through today's guidelines. haI believe one of the requirements are that you have made your payments on time for the last 12 months. http://makinghomeaffordable.gov/refinance_eligibility.html. I believe this to be the link. It requires your existing lender to provide the refi. Last i checked, if you had PMI, you could NOT use the program. However they did say to try back in December to see if that changes. GOOD LUCK. My name is Kelly Dimbat. firstname.lastname@example.org, 617 519 9798 or email@example.com.