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      07-24-2012, 06:06 PM   #1
gatorfast
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Looking for a lender

Looking to refinance my condo but having some difficulties. I've spoken to a few lenders but have ultimately run into trouble due to the nature of the community. Each lender requires a "condo questionnaire" which is where the hang up occurs as most of the units in my community are owned as investments and rented out (which is grounds for denial apparently).

Has anyone refinanced/purchased a condo in a similar community lately? Who did you use? This is quite frustrating as I would really like to refinance and have good credit, plenty of equity, etc but but the damn ratio of renters to full time homeowners is killing me.
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      07-25-2012, 11:57 AM   #2
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sorry can't help but subbed, interesting problem.
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      07-25-2012, 01:20 PM   #3
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Quote:
Originally Posted by gatorfast View Post
Looking to refinance my condo but having some difficulties. I've spoken to a few lenders but have ultimately run into trouble due to the nature of the community. Each lender requires a "condo questionnaire" which is where the hang up occurs as most of the units in my community are owned as investments and rented out (which is grounds for denial apparently).

Has anyone refinanced/purchased a condo in a similar community lately? Who did you use? This is quite frustrating as I would really like to refinance and have good credit, plenty of equity, etc but but the damn ratio of renters to full time homeowners is killing me.
can you explain what you mean about the "nature of the community" is it just the fact that most of the units in the condo association are owned as rental properties. Im not familar with some of the laws in FL but I work with home loans in IL/MO and have never heard of this.
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      07-25-2012, 01:26 PM   #4
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Easy peasy! Run for HOA board... Get rule changed regarding renting out condos
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      07-25-2012, 04:05 PM   #5
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      07-25-2012, 10:20 PM   #6
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You need at least 51% owner occupancy. How did the HOA allow this to get out of hand? Time to shake up that association of yours!
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      07-25-2012, 10:36 PM   #7
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Did not have any issues when I refi'd my condo in 2009. We do have more than 60% owner occupied units in the development though.

Find another lender, someone will want your business.
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      07-26-2012, 07:40 AM   #8
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Unfortunately its not just one or two lenders looking for this but every major lender.

And as for the HOA "letting" this happen...what are they supposed to do? South Florida, in particular the Ft Lauderdale and Miami area near the beach, is full of rental properties. If my community didnt allow rentals half of the units would be on the market...In 2008-2010 there were many foreclosures/short sales which led to cash buyers coming in to purchase as investment properties.
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      07-26-2012, 08:44 AM   #9
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I talked to the head of our mortgage operations dept and was informed that yes smaller lending outfits are going to have a tough time getting that loan through mainly because they are going to sell your loan along with hundreds more to fannie may or freddie mac as a bundle.
My company would even have trouble getting you a refi under your circumstances because of the govt restrictions on mortgages these days. FL especially b/c thats where a lot of the mortgage trouble was in the dark days of 08-2010.....

He advised that you look for a large lender that is less likely to sell the loan to someone else. Wells Fargo I think keeps most of their mortgages in house. I'd try there if you havent. Possibly go directly to Fanny or Freddie....

I mean if I could I would love to do the refi for you, for the simple fact, its just good business.
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      07-26-2012, 08:58 AM   #10
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Quote:
Originally Posted by haggomyeggo View Post
I talked to the head of our mortgage operations dept and was informed that yes smaller lending outfits are going to have a tough time getting that loan through mainly because they are going to sell your loan along with hundreds more to fannie may or freddie mac as a bundle.
My company would even have trouble getting you a refi under your circumstances because of the govt restrictions on mortgages these days. FL especially b/c thats where a lot of the mortgage trouble was in the dark days of 08-2010.....

He advised that you look for a large lender that is less likely to sell the loan to someone else. Wells Fargo I think keeps most of their mortgages in house. I'd try there if you havent. Possibly go directly to Fanny or Freddie....

I mean if I could I would love to do the refi for you, for the simple fact, its just good business.
Thanks for the advise. Im actually in talks with WF but unfortunately it appears I will have the same problem as their loans must meet fannie/freddie guidelines.
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      07-26-2012, 06:48 PM   #11
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Check local credit unions. That will be your best bet.
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      07-31-2012, 05:53 AM   #12
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Check local credit unions. That will be your best bet.
It's not the institution (whether it be a bank, mortgage bank, credit union, etc).

All conforming loans (basically any mortgage unless it's hard money or a portfolio loan [both are very rare and generally pricy]) must meet specific guidelines on properties, if the originating bank plans to sell the mortgage on the secondary mortgage market. The majority, if not all, financial institutions do not "hold" their mortgages for long after they're originated. They're sold either to FNMA or FHLMC, or private investors, on the secondary mortgage market (basically the stock market of mortgages). For an institution to offer its mortgage on this market, however, they must meet federally set guidelines.

Unfortunately OP, unless the 51% number is met, I foresee the refinancing effort will be almost impossible, regardless of institution.
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