Home Buying in Long Beach>Question Details

Bryan Wilcox, Home Buyer in Orange County, CA

Looking for condo loan, but my lender won't provide loans for buildings over 4 stories. Is this common and why would this be?

Asked by Bryan Wilcox, Orange County, CA Thu Mar 7, 2013

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Answers

5
Your lender was certainly referring to the "Low-Rise" and "High-Rise" tresholds that certain lenders have as overlay.
0 votes Thank Flag Link Thu Mar 7, 2013
I have never heard of that rule. There are plenty of buildings that are over 4 stories and people get financing.

Maybe try another lender. I can give you a referral if you email me.

What did your realtor tell you? Where did you find this lender?
0 votes Thank Flag Link Thu Mar 7, 2013
I have never heard of anything like that. It must have something to do with number of units rented or something like that. Call a reputable local lender for more info and guidance.
0 votes Thank Flag Link Thu Mar 7, 2013
Hello Bryan,

It sounds like there is something else going on here. This shouldn't be a problem. If I can be of assistance, please feel free to give me a call or email.

Michael Abram
RPM | Los Angeles
Cell: (310) 995-0975
Direct: (310) 574-7766
mabram@rpm-mtg.com
http://www.rpm-mtg.com/mabram
0 votes Thank Flag Link Thu Mar 7, 2013
Hi Bryan,

I think you need to speak with a qualified mortgage broker. Give Precision Mortgage a call and they can help answer some questions for you, as well as hopefully even get you pre-qualified for your upcoming purchase: 800-813-8738.

You can also fill in this contact page and someone will give you a call back asap:
http://www.theprecisioncos.com/?page_id=318

Let me know how else I can be of assistance. Best of luck!

Samantha Baksic
Precision Realty

sb@theprecisioncos.com
http://www.theprecisioncos.com/
http://www.ocbeachcitiesrealestate.com/
714.330.2021 (cell)
0 votes Thank Flag Link Thu Mar 7, 2013
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