Difficulty to refinance condo apartment in NYC

Asked by aggie499, New York Wed Jul 25, 2012

About 8 months ago I tried to refinance a condo apartment in Manhattan. I wanted to lower my mortgage rate which is 5.5%. I was rejected for refinance both by the bank that holds my original mortgage and another bank because the building does not qualify. The building is a high rise with 3 commercial units and about 82 residential units. There are no delinquencies on common charges. However, given the building was a relatively newly converted condo (from rental) and the recent market conditions, the developed still owns over 40% of the building. In addition, there are still many apartments in the building that are rentals.

Is there a lender in the NYC area who will assume the loan or do not require a condo questionnaire?

Any advice would be appreciated.

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Answers

4
Elena Ravich,…, Agent, New York, NY
Fri Oct 5, 2012
try some small community banks that would hold mortgages on their balance rather than selling
0 votes
Amerevision, , New York, NY
Wed Sep 5, 2012
Our services, which optimize our clients’ likelihoods of obtaining meaningful restructurings of the terms of their mortgage loans, and/or significant principal reductions, offer a proven alternative to refinancing for qualified borrowers. Visit our website or give us a call to learn more!
Web Reference:  http://www.amerevision.com
0 votes
Annette Levi…, , New York, NY
Thu Jul 26, 2012
Every lender even banks who portfolio require a condo questionnaire. No lender wants to do a mortgage that they cannot sell.
0 votes
Jenet Levy, Agent, New York, NY
Thu Jul 26, 2012
Aggie499,
Most major lenders follow the Fannie Mae guidelines. This is so that they can sell the debt in the secondary market. The conditions the bank is describing to you is for "conforming" loans. That means conforming to the Fannie Mae current (they keep changing) guidelines. Your best bet is to use a mortgage broker. They have access to a range of mortgage programs, including some that are more flexible.

Best,
Jenet Levy
Halstead Property, LLC
jlevy@halstead.com
212 381-4268
http://jenetlevy.halstead.com
0 votes
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