Condos with high number of investment properties

[Manish Shah]

Just reaching out to the experts in the community for some advice.

I am closing on a condo with a cash deal and wanted to get the cash out. I started the cash out process while the closing prep was going on. Title search is done/appraisal is done and now I got a call from the broker that he just received the letter from the condo saying 86% of the apartments are investment properties and the underwriters may back out of the deal as they can not sell the mortgage to Fannie May.

Could you let me know what I could do in this situation? My options are

1. look for another lender - this might come with additional cost

2. pay through HELOC but this means I wont be able to clear the HELOC for the next deal