Asked by Lara, Chicago, IL • Mon Jun 22, 2009
I'm looking to buy one unit in a 3-flat. Two banks have told me that it must be 70% presold before I can get a mortgage through them. I read up on the recent increase of Fannie Mae/Freddie Mac underwriting requirements from 51% pre-sold to 70%, so I understand. But with 3 units, it won't be 70% sold until it is 100% sold. I assume there must be other underwriters with a lower presold requirement (or exceptions for a smaller number of units), but I can't figure out how to find a loan by a specific underwriter. Any advice?
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