miramar
14 Posts |
 Posted - 08/25/2008 : 12:18:52 PM
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Looking for some help on a FNMA issue in regards to condos and PUDs.
My parents have a pinwheel development that is made up of duplex and 4-plex condos. Because it is a new development and we don't have 95% sold we can't get conventional financing. Is changing the classification to a PUD a good idea and will it make financing any easier? We have several local banks that love these deals but won't do 30 year fixed. All of the buyers are 20%+ down and great credit. It makes no sense that we can't get conventional financing simply because it is not a warrantable condo per FNMA.
Help me please? Your thoughts and ideas are wanted. |
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