BMW i5 and 5-Series Forum

Post Reply
 
Thread Tools Search this Thread
      07-24-2012, 07:06 PM   #1
gatorfast
Major General
gatorfast's Avatar
United_States
5083
Rep
6,883
Posts

Drives: 718 Cayman
Join Date: Jan 2008
Location: SoFla

iTrader: (4)

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.
Appreciate 0
      07-25-2012, 12:57 PM   #2
xtac
Captain
xtac's Avatar
United_States
170
Rep
780
Posts

Drives: 17 F80 Comp
Join Date: Jan 2009
Location: Long Island

iTrader: (2)

sorry can't help but subbed, interesting problem.
__________________
Appreciate 0
      07-25-2012, 02:20 PM   #3
haggomyeggo
New Member
2
Rep
28
Posts

Drives: E93 335i
Join Date: May 2012
Location: STL

iTrader: (0)

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.
Appreciate 0
      07-25-2012, 02:26 PM   #4
kyleb350
Brigadier General
kyleb350's Avatar
United_States
429
Rep
4,709
Posts

Drives: '21 X3MC
Join Date: Jun 2008
Location: Milwaukee

iTrader: (6)

Easy peasy! Run for HOA board... Get rule changed regarding renting out condos
Appreciate 0
      07-25-2012, 05:05 PM   #5
infinitekidM2C
Major General
infinitekidM2C's Avatar
United_States
4296
Rep
5,739
Posts

Drives: 2019 M2 Competition
Join Date: Nov 2007
Location: Orange County, CA

iTrader: (4)

Garage List
i will lend you these monies; however i'll need your bank account info (pm me of course)
Appreciate 0
      07-25-2012, 11:20 PM   #6
TunedM2C
Brigadier General
TunedM2C's Avatar
No_Country
845
Rep
4,190
Posts

Drives: 2016 LBB M2
Join Date: Jan 2008
Location: Earth

iTrader: (2)

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!
Appreciate 0
      07-25-2012, 11:36 PM   #7
ejheverest
First Lieutenant
ejheverest's Avatar
United_States
29
Rep
395
Posts

Drives: E90 SG 330i
Join Date: Nov 2006
Location: Mass, NH, Maine, Virginia

iTrader: (0)

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.
__________________
SOLD......E90 SG, ColdWeather Pckg, Sport Pckg, Logic7,H R Sports, Rogue Ikon, M sport shift knob/boot
Appreciate 0
      07-26-2012, 08:40 AM   #8
gatorfast
Major General
gatorfast's Avatar
United_States
5083
Rep
6,883
Posts

Drives: 718 Cayman
Join Date: Jan 2008
Location: SoFla

iTrader: (4)

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.
Appreciate 0
      07-26-2012, 09:44 AM   #9
haggomyeggo
New Member
2
Rep
28
Posts

Drives: E93 335i
Join Date: May 2012
Location: STL

iTrader: (0)

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.
Appreciate 0
      07-26-2012, 09:58 AM   #10
gatorfast
Major General
gatorfast's Avatar
United_States
5083
Rep
6,883
Posts

Drives: 718 Cayman
Join Date: Jan 2008
Location: SoFla

iTrader: (4)

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.
Appreciate 0
      07-26-2012, 07:48 PM   #11
TunedM2C
Brigadier General
TunedM2C's Avatar
No_Country
845
Rep
4,190
Posts

Drives: 2016 LBB M2
Join Date: Jan 2008
Location: Earth

iTrader: (2)

Check local credit unions. That will be your best bet.
Appreciate 0
      07-31-2012, 06:53 AM   #12
JMX328
Insert Something Witty.
United_States
18
Rep
32
Posts

Drives: 2009 328i
Join Date: Jul 2012
Location: California

iTrader: (0)

Quote:
Originally Posted by Tuned1M View Post
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.
Appreciate 0
Post Reply

Bookmarks


Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off



All times are GMT -5. The time now is 10:39 PM.




g60
Powered by vBulletin® Version 3.8.11
Copyright ©2000 - 2024, vBulletin Solutions Inc.
1Addicts.com, BIMMERPOST.com, E90Post.com, F30Post.com, M3Post.com, ZPost.com, 5Post.com, 6Post.com, 7Post.com, XBimmers.com logo and trademark are properties of BIMMERPOST