Home Buying in New Jersey>Question Details

Out and About, Home Seller in New Jersey

50% sold criteria?

Asked by Out and About, New Jersey Mon Sep 10, 2012

when purchasing a new construction town home, if the bank/lender requires 51% sold what are your options if 5 out of 12 are sold

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Answers

4
A portfolio loan is the only option I know of for this problem. Even if they hit the 51% mark that is no guarantee the project will pass the CPM process for traditional conventional financing.

Jim Simms
NMLS # 6395
JSimms@cmcloans.com
Financing Kentucky One Home at a Time
0 votes Thank Flag Link Tue Sep 11, 2012
your lender will always tell not to go with anyone else because they want the business.
you can still shop around for other lenders but the builders lender usually gives the best deal.
0 votes Thank Flag Link Tue Sep 11, 2012
Thank you Andrew. I think they do have a lender but our lender said not to go with them but i guess if they don't do it we have no choice
0 votes Thank Flag Link Mon Sep 10, 2012
wait for 2 more contracts
buy with cash
surprised builder does not have a lender
0 votes Thank Flag Link Mon Sep 10, 2012
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