more fun with c of o and refis

i asked a question on this board about a month ago re: c of o and refi on a 4 fam being used as a 3\. my bank is refusing to budge and we are looking into changing the c of o to reflect use. the bank’s rate can’t be beat by another lender and it’s our existing bank so no bank fees. one architect told us we are looking at a 6 month process. we need to figure out whether this is accurate.  i guess it seems that conversion of the c of o has some advantages on taxes and classification of the buildling from commercial to residential.  has anyone gone thru this process? thanks in advance.

slvillager

in Dept. of Buildings (DOB) 12 years and 11 months ago

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slvillager | 12 years and 8 months ago

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update #2, in case any of you are still interested– we are actaully getting a cert of completion. much easier.

slvillager | 12 years and 11 months ago

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hi everyone, update is that we are going forward with new c/o. fannie doesn’t matter bc of type of loan. wish us luck, and lower taxes/insurance! thanks for the responses.

Bklnite | 12 years and 11 months ago

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What do you mean by “.. classification of the buildling from commercial to residential” ? Up to 4- family works with fannie backed residential mortgages. You’ll have a somewhat lower limit for a convential 3- familiy loan vs. a 4- family. https://www.efanniemae.com/sf/refmaterials/loanlimits/ It’s 5 units and above where you need to go with commercial lenders. Did you contact any of the folks who responded to your last post saying they can do 4- used as 3- without issues? How much better is rate from this bank vs. the lenders that aren’t hung up on the CofO? I’d be tempted to put back a minimal kitchen long enough for the bank’s appraiser.

dazednconfused2 | 12 years and 11 months ago

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It’s possible it could be a little quicker, depending upon what work actually needs to be done.  We’ve filed with the new DOB Hub, where all filing is done electronically, and it cuts months off the review time.  If there is no work, and all tou’re doing is fiing and getting inspections, you could probably file with the Hub and get it all done in a few months.