FHA an VA lenders will not give a loan to buy my Condo, because over 50% is rented out. Can they do that?

I have place 15,000 dollars in my Condo and it is only up for sale for 52,000 How am I suppose to sale if these lenders can OK a lone, but when they see it is my property they say they won’t do it? I own it out right, but I have 2 large dogs. I need to sale. My Realtor has done nothing and my contract is up in 7 days. Please help

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This entry was posted on Wednesday, August 5th, 2009 at 5:58 am and is filed under FHA Approved Lenders. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
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One Response to “FHA an VA lenders will not give a loan to buy my Condo, because over 50% is rented out. Can they do that?”

mortgages says:

August 5, 2009 at 5:58 am

To answer your question, YES they can. Both FHA and VA loans are for residential property’s or Primary home. Because more that 50% of the condos are rented that means that most people are buying them for investment not for primary homes.
You might want to get a different realtor if you feel that your realtors is NOT doing anything to promote your home. Showing assets whether it be for a new homeowner or an investor. You need a realtor who know what they are promoting.

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