I just notice your question. If you haven't resolved your issue yet then please call me at 908 415 3958-my bank would have no problem doing it with 20% down assuming everything else is in order. Shouldn't take long either because you already have an appraisal...

I just noticed that this question was asked Oct. 19...................so..................what is your current status??

So sorry you are having this difficulty, Upset Buyer..........

Unfortunately, I am hearing stories like yours more and more often these days. The banks are changing and tightening their requirements frequently - especially where condos are concerned. I recently held my breath during a 2 week delay with a condo closing, as the bank kept adding new requests and demands for paperwork from the association. That all came as a big surprise, and at the very last minute, with no warning. So....nothing surprises me these days.

I assume you have a mortgage contingency in your contract......if so, based on what you said,. you will not be approved for the mortgage with your 20% down payment. Unless you are able and willing to put down another 5%, you won't be able to proceed with the sale. I suggest you consult with your attorney for any legal questions regarding your contract.

One option might be to look into another bank's requirements, and see if they might be a bit more lenient. Also, the seller might consider renegotiating the price in order to make the sale happen.

Good luck..........hope things work out for you
Debbie Rose
Prudential NJ Properties

My advice to you would be to consult a real estate attorney.

As you know, the economy has been pretty crazy over these past couple of years. One of the big issues that affected the real estate market, industry, etc., was with regard to the "sub-prime" mortgage market. If you are not already aware bottom line is that banks were making loans to individuals that were not really qualified e.g., showed no income, assets, etc., or put little or no money down, etc. The result really was a snowball effect....real estate values dropped average 25% in value within one year. Now, as a result of this "experience" banks have really tightened their lending requirements. I agree with others that Banks can make their own guidelines, rules, etc. However, that being said, your contract should have an out that if you do not get the mortgage commitment (from TD Bank, in this case) you can cancel the deal.

I hope this information is helpful to you. Good luck! You will get the home you want with your terms but you should be patient and persevere...don't give up!

Unfortnately banks have the authority to do that. this RARELY happens though. i bet 99% of realtors (even top ones) dont know about this.

anything can happen its best to know as much as you can, about this process and have the financial wherewithal to make good at the end, granted it is the property that you wanted.

This is common problem that people run into when they go with national banks that have blanket rules for all loans across the nation. That is always why I recommend local lenders that I know are familiar with the Hudson County Condo market. Most lenders customize their loans for single family suburban homes. Appraisal and flood insurance issues are very common in Hoboken with the big banks.

The question of whether you can get out of the contract is one for your attorney to answer. But do you really want to get out of the contract? If it's just a mortgage issue I'd ask your Realtor who the local lender is they refer. My recommendation is Mike Mundy of Pinnacle Mortgage, (973) 887-6100 ext.14. The majority of his work is in Hudson county so he knows all the rules and regulations that condo buyers will face. Your best source of referrals really should be your Realtor. Trust who they recommend. We navigate through these problems every day.

Andres Garcia
Sales Associate, CDPE
RE/MAX Gold Coast Realty
56 Newark Street
Hoboken, NJ 07030
Direct: 201 795-5200 x340
Andres@MileSquareRealty.com
http://www.MileSquareRealty.com