fannie mae non-warrantable loan for condo purchase

[Steve C.]

I tried to buy one condo as a rental property with a loan from with Chase recently, but Chase declined my loan at the last moment since investor owner ratio is slight above 50%. I originally got 4.875% fixed rate for 30 years with 25% down payment. I don't have loan contingency and I still want to buy this property.

Fortunately, I found a lender who can help to close this deal. The selling agent recommended to use the lender with proven track records, so I am currently following the recommendation. (There was another portfolio lender, but the selling agent requested to work with the recommended lender.) They have in-house products for Fannie Mae non-warrantable and I have strong financial reserves, so we are confident that we can close the deal. But I am currently concerned that rate might not be favorable to me. I am worried since I got 5.5% - 6.5% rate based on initial estimate. As Fed has a plan to keep increasing rates over the coming years, I don't think I can refinance this even if this condo complex has less than 50% investor owner in the near future. 

What would be my strategy with this situation? Someone suggested to refinance asap, but isn't there usually penalty doing so? Also, it's not certain when this ratio will become less than 50%. 

Thank you very much for advice in advance. Any input is highly appreciated! 

[Chris Mason]

Originally posted by @Steve C.:

What would be my strategy with this situation? Someone suggested to refinance asap, but isn't there usually penalty doing so? Also, it's not certain when this ratio will become less than 50%. 

Brush up on what you learned while playing politics while running for middle school class president, get on the HOA board, and fix it. That's really all you can do. These "investor special" condos have bad rates, so the rental income from the tenant better make up for it!