I have heard other agents stating they had issues getting loans for their buyers. Up till now, I had not experienced this same situation.
My buyers easily can afford up to $500K as a 2nd home, great FICO scores and 25% down. EXCEPT, the loft they are trying to purchase is not a warrantable condo. These lending rules are just getting a little out of control. Is this protecting our consumers? I know having an FHA loan in a condo community with little down is definitely a risk.
I have found a bank that will insure themselves, and HOPEFULLY we shall hear soon if they can get this done.
Joan Cox, Metro Brokers - House to Home, Inc.
Denver, CO 80237
720-231-6373
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