All Forum Posts by: Drew Michel

Awesome and yes, great topic!

Pleasure to meet you Bigger Pockets Community and brand new fan of everything Bigger Pockets related. I have a question for any lenders that are out there for some issues that I've just recently confronted. I'm attempting to purchase my first shore term rental property in Angel Fire, NM (about 20 miles outside of Taos). After doing a research in the area on the best buys, my property that I've selected is within a brand new condominium complex near the ski mountain. I've been pre-approved for the condo 377k at a good interest rate since I am able to purchase this unit as a second home. Problem is that apparently there's some FNMA regulation that will not allow you to purchase condominiums with a conventional loan unless over 1/2 the units have been sold and are not owned by the builder. Although almost all the units are pending, they haven't been sold so the only loan that is available is an 7 year ARM @ 5.25% that I would then have to refinance and convert to a 30 year after 1/2 the units have been sold. This seems insane, but has anyone else run into this and have any advice?

Thanks Drew....