Asked by Jenny, Chicago, IL • Tue Dec 30, 2008
I bought at RD659 after I was pre-approved for financing at 95% LTV. But because the market has changed so much in the past year, I can not get approved for a loan unless I put 20% down or pay PMI - but the building is only 45% sold, they are unable to acquire PMI, and I don't have 20% to put down. Which means my only option is to wait until the building is 51% sold to close on my condo. Who knows when that will be! I've been living in limbo in the meantime and I'm fed up with being strung along. Unfortunately there is no mortgage contingency clause in the contract. Does anyone know if I have any other options or am I just screwed?
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