Yianni Souvl…, Home Buyer in Charlotte, NC

How can I refinance a rental condo that is in a building over 50% rented?

Asked by Yianni Souvlaki, Charlotte, NC Thu Mar 21, 2013

Fannie is the sole underwriter no matter which lender you use. They set standards that forbid lending to over rented condos. All my other #'s are in line. Good credit score, plenty of equity, married, solid income. Please help

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Daniel Fisher’s answer
Good evening, John:
When Fannie Mae or Freddie Mac determine a condo project isn't eligible under their guidelines the project is called a Non-Warrantable Condo. http://www.Lendermark.com, http://www.nonwarrantablecondofinancing.com, http://www.nonwarrantablecondoloans.net and http://www.finance1online.com all advertise Non-Warrantable Condo Loans. You might also try with a local broker who would be willing to post a request on Scotsman Guide. A local Title Company may be able to provide the lenders on the other rental units. Then contact those lenders and yours to see if they would consider another purchase loan in the condo project. If all fails, private money lenders will usually lend on non-warrantable condo projects at a higher interest rate and lower loan to values. If you appreciate an answer, please give thumbs up. For the most helpful answer, please say thanks with a best answer click.
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