0
My bank has approved me for a second home condo in the phoenix area my bank is now concerned with the owner occupied vs. investor owned ratio in the area and says the fannie Mae will not approve?
Wiki User
∙ 13y ago
Your situation is classic for communities where the board allows the number of rentals to overwhelm the number of owner-occupied units as a percentage which is unacceptable to federal backers of mortgage loans (and refinances, too).
This number varies over time from about 30% to about 49% of the total number of units which can be rented.
Your option, if you want to purchase this unit in an over-rental-populated community, is to purchase it with cash. And unless the situation is corrected by the board over time, your only option when you sell may be that you can only sell to a 100%-cash buyer.
A better option may be to find a community with a rental cap which has not been exceeded, where you can purchase a unit and qualify for the loan you want.
Wiki User
∙ 13y ago
Add your answer:
Earn +20 pts
Can you short sale your house to your spouse?
A short sale must be approved by the lender. It will not approve your proposal.A short sale must be approved by the lender. It will not approve your proposal.A short sale must be approved by the lender. It will not approve your proposal.A short sale must be approved by the lender. It will not approve your proposal.
Us bank If your organization does not allow you to approve your own transactions how might transactions become approved?
Autoapproval when I approve my statement
If your organization does not allow you to approve your own transactions how might transactions become approved us bank?
Autoapproval when I approve my statement
When you approve funds in CEFMS you are doing?
Releasing yourself of all accountability for the approved funds
Where can you get a quick loan and be approved in as little as 24 hours?
There are many "money stores" such as Western Union and payday loan places that can approve you quickly. You must be aware however, that the faster you are approved, and the more risk that is involved, the more expesive (ie: higher interest rate) there will be on the loan.
What is the past tense of approve?
Approved is the past tense of approve.
Can you short sale your house to your spouse?
A short sale must be approved by the lender. It will not approve your proposal.A short sale must be approved by the lender. It will not approve your proposal.A short sale must be approved by the lender. It will not approve your proposal.A short sale must be approved by the lender. It will not approve your proposal.
What is the present perfect tense of approve?
The present perfect tense of approve is:I/You/We/They have approved.He/She/It has approved.
What are the approve chemical sanitizers?
the approved chemical sanitizers
Who appoints the justices and who approve them?
appointed by the president and approved by the Senate
Did Westerners approve or disapprove of the ownership of slaves?
Some approved, and some did not.
Do executor's fees have to be approved by court?
Yes they do have to be approved. In most states there are standard fees and charges established. If the charges are within the guidelines, the court will normally approve without challenge.
Who must approve all treaties the are made with foreign countries?
It must be approved by the senate foreign regulations.
Us bank If your organization does not allow you to approve your own transactions how might transactions become approved?
Autoapproval when I approve my statement
If your organization does not allow you to approve your own transactions how might transactions become approved us bank?
Autoapproval when I approve my statement
What's the difference between formal approval and approved in principal?
After all approve you can call approval.... Approved is to confirm
Is jrn rajasthan vidyapeth university approved by AICTE?
It is not approve by aicte.
