Refinancing rental condo in development with > 50% rental units.

The loan options you have are; conventional and FHA loans. If your not able to get financing with conventional or FHA you may need to look at hard money or a portfolio lender.

Check with a local bank who may underwrite to their own guidelines vs. Fannie or Freddie....a local mortgage banker may help as well.

Unfortunately, if it's a rental, you have very limited options.. at least options where the rate would be decent. What you have is a "Non-Warrantable" condo.. and all conforming loan types (FHA, VA, USDA, Conventional) have specific stipulations and guidelines when it comes to the development.. owner occupancy is probably the biggest factor that is considered.. And since you renting your condo out, your only conforming loan product is conventional (Fannie/Freddy).. There are hard money lenders and portfolio lenders who might refinance you, but the rate and terms will not be very favorable. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com NMLS# 226347

The 50% rule is a common overlay on a primary property for fannie or Freddie. Being a rental might be more difficult to allow for that exception. I would check with U S Bank and any bank that does portfolio lending.

Our company is able to do a loan for you and we are licensed in your state. Give me a call 301 915 5644 or email joyce@buckinghamfg.com

Call Velocity Mortgage Capital 866.505.FUND (3863)They will be able to point you in the right direction.

FYI, 2nd homes usually count as owner occupied as long as they are not also rented. Other than Fannie and Freddie the cost/rate will likely be higher - unless it is a HARP eligible loan.