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Loan on Temporary CO

Started by jsey9
over 17 years ago
Posts: 65
Member since: Feb 2008
Discussion about
Does anyone have experience with a lender not willing to loan based on a temporary certificate of occupancy. I went through the complete mortgage process with Metlife and found out today they won't loan against a temporary CO, they require a permanent one. Has anyone ever heard of this? I was obviously very surprised.
Response by countrywide
over 17 years ago
Posts: 26
Member since: May 2008

Most lenders will lend based off of a temporary CO. Otherwise there would be no financing on new construction units.

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Response by 411
over 17 years ago
Posts: 5
Member since: May 2008

You have to find out if your building is on a particular lenders "approved list". All lenders keep a list of approved developments that they will lend on. If the unit you are buying is not on that list you will have to find out the process to get it approved or find a new lender. Hope this helps.

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