Any way to get around conventional loan investor guidelines?
Hello, I am in the process of buying a condominium as an investment. It would be my second unit in the same complex.
I was financing the deal through a conventional mortgage lender but the deal fell through when the Condo questionnaire came back with over 70% of the units being investor owned. Apparently loans can only be approved with less than 50%investor ownership. This is a vacation rental complex near Disney so that is the reason for the high investor interest here.
Is there any way around this rule or any other ideas on how to make this deal happen. I have proof of income from my other unit in the same complex and it is currently generating 3 to 4 times the monthly mortgage payment when being rented short term.
Thanks for any help!