Asked by Joe B., San Francisco, CA • Mon Jun 21, 2010
I own a 4-unit apartment building in San Francisco that has been converted to condominiums. I am one of 3 owners and we live in 3 units, and we rent out the 4th unit. We want to refinance all 4 units into 4 individual condo loans, but we have been told by the large banks that the loans are non-conforming because each owner holds more than 1 unit (1.33 units each), which violates Fannie Mae/Freddie Mac condo guidelines. Can anyone help with advice on how to deal with this refinance without having to sell the 4th unit? Also how would I find a lender or broker for these loans if they are truely "non-conforming"?
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