Argh.

I may not be able to name-that-hood after all.  After an awesome weekend (more on that in a later post), I got news this morning that the loan I am attempting to get – an FHA loan of some sort – will not allow over 30% of the units (or 50% if two units) to be FHA for new construction.  Wouldn’t you know it, the guy/girl/person who is attempting to purchase the other unit in my 2-unit building is also getting an FHA loan.  Argh.  Their contract was ratified a few days before mine.  So sad…

But have no fear.  In a last ditch effort, the seller’s agent and two buyer’s agents agreed that the first person to secure financing will be the lucky winner.  At this point, I just have to trust the professionals working on my behalf.  It could go either way, but I’m cautiously optimistic.  Luckily, I had completed most of the paperwork and document gathering in my “trial run” for The Fairmont, so it is looking good.  Well, I’ve done all I can at least.

And now I wait.  Possibly 5-7 business days to find out who won “The Race to Secure Financing….”

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