Forum Archive: Posts by: Condowoes

I am in contract on a new construction condo in Clinton Hill and have put down 10%. We have great credit, good salary and are putting 30% down. No problems there according to our loan officer. But Fannie Mae won’t allow our loan officer to give us financing because only 20% of our building is sold. Bottom line is we can’t get a mortgage. In truth, while this upsetting and frustrating, we are OK with this because we are having doubts about the building.

What I am wondering is, does this mean we can get out of our contract? And will this mortgage rejection show up on future credit reports and negatively affect the liklihood of us getting financing on another apartment?