Help! Funding Issues due to 90 Day Resale Deed Restriction imposed by Seller's bank
Hello everyone, I am in desperate need of assistance. We are buying our first house. We've been waiting 6 months to buy our dream home. The seller's bank wants us to put a deed restriction so we cannot resale for 90 days. We are fine with it, this home is for us to grow our family in and not to fix and resell. Weve been approved for a conventional loan but we are not able to get funding due to the deed restriction. According to my bank, Fannie Mae flat out refuses to fund loans with deed restrictions and Freddie Mac will but you have to meet certain requirements. We arent sure what these requirements are, but apparently we do not qualify. I am devastated and dont know what else can be done. Has anyone else had this issue and gotten around it? Is what my bank telling me true or is there something else we are not thinking of? Any advice, even if it is negative will be helpful.
Thanks