Conventional loan denied. Need help
Hi all. New here and hoping to get your advice.
I put an offer on a condo for 119k$ short sale which the bank accepted.
Bad news is banks won't finance the deal due to less than 50% owner occupancy.
One lender thinks she can get the Loan with 25% down but it would be 10 years at fixed rate and ARM for remainder 20. Is this a smart idea or not ?
Or do I consider a delayed financing ?
Honestly not sure what's best and would love your advice in this situation. If anyone can help ?