Obtaining Financing for Investment Property on New Construction
Hi all, any help here would be appreciated. My family and I are looking to obtain financing on a new construction in Port Aransas Texas. We have run into a issue with our lender who initially approved us but is now backing out. They are saying that under Fannie Mae Freddie Mac rules a new construction home can not be financed as an investment property. Our terms were 15% down 30 year fixed. The house has been on the market for almost 2 months. Has anyone heard of this before? Just on the top layer this makes no sense to me.