I have a question concerning mortgages on condominiums. My property is listed as a “condo” and I own half of the property while the other half belongs to my neighbor. We have a condominium association between me and my neighbor. This is the only building of its kind in my area, everything else is a single family home. I put my share of the condo up for sale with a buyer. She got approved by the FHA but because of the fact that my neighbor rents her side of the condo they will not fund the mortgage. She already has 5% down and I will be paying for the closing fees. Is there a way for her to get approved for a mortgage? Her credit score is over 700. by jeffcovey153 from Chandler, Arizona. Jul 6th 2022
Bert Carpenter (BertCarpenter)
Possibly, but not through FHA. FHA does not like condo associations where the percentage of non-owner occupants is too high, and 50% is too high. A qualified lender can help her qualify for a conventional loan. We are based in Chandler and would be happy to assist. Have her reach out and let's make this happen requires owners occupy ~ Bert Carpenter, The LoansA2z Team of NEXA Mortgage ~ NMLS 40586 ~ Certified Mortgage Advisor and Certified by The National Association of Mortgage Professionals as a Certified Veterans Lending Specialist.NEXA is licensed in all states except MA and NY so give us a call. ~ www.ApplyYes.com 480-889-9000 - OR - 480-695-9300.
Ask our community a question.