Not all funder sources are created equally. Different mortgage brokerages have access to some similar and some different funds. Historically Wells Fargo had a significant portion of the new construction market - I don't know what shape they are in now. But it seems to me that Guaranteed Rate has the capacity to fund a purchase such as yours so long as you have the credit score and downpayment they stipulate. n addition, I wonder who holds the construction loan for the developer you seek to purchase from and whether they have the capacity to engage in residential funding to support your purchase. At any rate, Guaranteed Rate seems to be a good option.
All the best,
The Real Estate Lounge Chicago... more
On a full FHA approval, you wil usually need a 1 year seasoning on the construction/conversion. Everything else regarding a full approval (presale/occupancy ratios, etc.) is actually less than or equal to the requirements for a spot approval so this may be an option, though it will take some time to get approved.
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