Updated 8 months ago on . Most recent reply
Issue with a non-warrantable property
Hello BP community ! I have a problem for a deal and need your opinion. We are under contract on a property and were supposed to finance a property with a conventional loan. We have signed the closing disclosure and a few days before the closing the lender realizes that the property is not eligible for a conventional loan as it is non-warrantable because of the insurance of the HOA. The lender tells me I need to move to a non-warrantable program that is much more expensive. Also the seller never mentioned that the property cannot be financed through the conventional loan. What are my options ? Can I legally get out of the contract ?