HARP Re-financing on fourplex issue
I currently have a Wells Fargo mortgage on a fourplex (built around 1970s), which is located in Orange County, CA.
Originally in 1970's, an apartment complex subdivided its 36 buildings and sold off each building one by one. Each building has 4 units, townhouse style. Buyers of each building have one title. However, title describes the building as "condos." The building is part of an association and the common areas is only outside the building such as sidewalk and grass.
So currently, I'm attempting to refinance it through HARP. It's going through underwriting and an appraisal report has been done. Wells Fargo rejected the refi because the fourplex is zoned as a condo. They say it is considered a "Multi-dwelling unit condominiums," which is ineligible for financing, regardless for a new conventional loan or HARP refi.
Can anyone shed some light on this? Was it titled incorrectly? How do people re-finance these properties than? Is this a new policy? because it was approved for a refinance 10 years ago with Wells Fargo.