Refinancing problems with a condo in a three-plex

Unfortunately you may be stuck. If your unit is truly a condo you are probably not going to find any traditional lenders willing to grant you a loan. Lenders want assuarances that if a unit goes into foreclosure, or if the dues get behind the HOA still has the funds necessary to function and pay their bills and prform necessary maintenance. A three unit HOA or a 3 unit Condo project is extremely rare. Is your building part of a larger project? If so then the file should be looked at as one unit in the whole project, not just your building.

When dealing with a mortgage banker/broker who deals with national wholesalers you will undoubtedly run into the same results every time. You would be best served to go to a local community bank that services their own home loans so they can make that exception on their own loan portfolio.

If you move out and rent it I can refi you up to 60% LTV cash out. I would have to have it non owner. If that is an option call me. Click on my avatar