I'm trying to sell my BMR condo in SF, but the condo's CC&R doesn't limit owner/renter ratios at all and the current ratio
violates lending guidelines unless a borrower has a 50% down payment. Needless to say, finding a buyer who qualifies as low-income and has a 50% down payment is extremely unlikely. Has anyone else encountered this type of situation or does anyone have any suggestions?
Thank you for your answer Sally! I have been speaking to the MOH, and their only suggestion is that we make a drastic reduction in the price. Since the price is already very, very reasonable for what the condo is, I'm reluctant to do that. They indicate that no one has ever encountered this problem before.
Dear Meg,
I suggest you talk to the folks at the Mayor's Office of Housing. http://www.sfgov.org See what others have done and then talk to the bankers they suggest. Or you can find bankers/mortgage brokers on my website listed below. I would go to the Housing office first since there are probably others in your perdicament.
Please contact me if you want info on the various lenders on my site.
Good luck,
Sally
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Fair Housing and Equal Opportunity