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Need help regarding mortgages for condos

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 Reply


Bert Carpenter (BertCarpenter)
#37 ranked lender in Arizona - 2,431 contributions

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.

Jul 8th 2022
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