buying condo, just found out cant get mortgage

If you send me an email, I'll send you the name of a mortgage broker who might be able to get you financing. You may have to pay a higher interest rate because of the status of the building. karla.harby@gmail.com.

I was in a very similar situation earlier this falll. After 60 days of pain with PNC they denied the condo due to high sponsorship involvement. All the while being told everything was fine. I ended up going with TD Bank. They were unbelievably buttoned up. I closed in 30days. Joe Leffe was my contact. Google his name to get his info.

I was in a similar situation with my condo refi. In order to get a refi from my mortgage company, they specified 80% of the units had to be owner occupied, as opposed to rented out. I'm pretty sure half my condo building is rented out. Fortunately my management company had no problems fudging the documents to state that our condo building was 90% owner occupied and I was able to refi.

I'm outgrowing my condo, and will likely buy a house in suburubs. The whole NYC condo/coop thing is a pain in the ass to me. At least I can charge obscene rent for my prime brooklyn apartmet.

condobuyer - not sure why Chase denied it based on not meeting the 10% reserve requirement for FHA when you were putting 30% down. You can feel free to email if you want to discuss further. sunny.hong@decapitalmortgage.com

I can speak from experience that TD bank is probably your best bet in this situation.

Mortgage Broker here,

Feel free to discuss:

Ellen Silverman
E.S. Funding Co.
Tel: 212-786-9682
esfundingco@aol.com
www.esfunding.instantlender.com

Try Hudson Community Bank; Apple Bank & Flagstar.

Also call Tony Jao @ Sterling 212-575-7046.

......my management company had no problems fudging the documents to state that our condo building was 90% owner occupied

given the troubles of the bubble real estate market due to fraudulent practices on both sides of the equation, it is quite amazing to hear that it still persists. Pencap, do you have any concerns of personal liability if the bank finds out that you did an end run around the bank's requirements?

apt23, dont you think your management company committing mortgage fraud has something to do with the "fraudulent practices" in your equation?

I would love to see a managing agent taken to task for committing mortgage fraud!

oops, I can read, and I see apt23 was making a similar comment as me - I read that wrong. Regardless, I guess the worst than can happen is that the bank could call the loan.