No Condos for Me?
So I just spoke to a mortgage broker yesterday, I was pre-approved but he told me I cannot buy a condo with a conventional investment loan because not only would I need to get approved, but the bank has to approve the association as well. Because of this, he stated that they would never get approved because the qualifications are much more stringent than FHA and the like.
Has anyone heard of this before. I live in South Florida, and I have a full-time job I plan on keeping for a long time while getting my feet under me in REI. Because of that, I just wont have the time to manage a single family on top of the fact that there are TONS of condos in FL. This could really limit me.