01-08-2013 11:51 AM
Anyone ever succeeded at getting a waiver from Fannie Mae for a condominium that wasn't on the Fannie Mae approved list because the condo had more than 20% of its floor space used for retail?
I'm in that situation and am wondering if its worth waiting to see if the lender will apply for an exception or go to a smaller lender. The latter might result in a higher interest rate though.
01-14-2013 09:45 AM - edited 01-14-2013 09:47 AM
Worth a try but VERY unlikely. Also if you decide to move forward with the deal please keep in mind that you are going to have to deal with this issue again if you ever plan to resell. Buyers will have issues getting financing because the rates will be higher and other terms like downpayment requirements will also likely be more stringent. This will ultimately hurt the marketability of the property when you try to resell.