A recent buyer is having trouble getting lenders to back up a loan on a condo. Now I understand where they are coming from with the condo disasters that have taken place in areas like Florida and Nevada but this is much different. The buyer is great; good income, good credit, 15-20% down. The condo complex is good; only a few condos sold for less than $300K, most purchased with cash when new a few years ago, and very few foreclosures. This seemed like a piece of cake.
Well it seems like the tightening of lending shall never end and only get worse. Luckly we have found a lender who will execpt the mortgage insurance and expect that the building was never approved FHA financing because it was above the purchase price limit when the building was built.
What can we do to get lenders to borrow to GOOD borrowers?
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