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Miranda
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 Posted: Tue Apr 24, 2007 5:02 am Post subject: Looking for mortgage on California condo? |
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I am looking for a condo in California and the mortgage lender I met a few days back tells me that until and unless 51% of the condo units are occupied by the owner of the condo itself, he will not offer me any loan. Is it a rule over there? Do all lenders have such a criteria?
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Ryan
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| Posted: Tue Apr 24, 2007 5:09 am Post subject: |
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| I think it is necessary for the condo to be entirely full otherwise it will have no market value as such and will not attract potential buyers. |
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 miller_st
Joined: 17 Jan 2007
Posts: 917
168.82 Dollars($)
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| Posted: Tue Apr 24, 2007 1:30 pm Post subject: |
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Miranda, you need to shop with a few more lenders as all lenders do not ask for such criterion to be met before they will provide a mortgage.
Miller |
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willisaddo
Joined: 10 Oct 2006
Posts: 32
Location: Atlanta
17.53 Dollars($)
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| Posted: Tue Apr 24, 2007 11:30 pm Post subject: |
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I would consider giving the financing if the condominium is at least 25% occupied. It really depends on which program we decide to go with. Give me a shout at your earliest opportunity and we can go over some scenarios together to find you a program that would be the best fit for you.
My name is Will. It's a pleasure to make your acquaintance.
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Will Addo
Wells Fargo Home Mortgage
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www.wfhm.com/wfhm/willis-addo Website
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Jessica
Community Mentor
Joined: 08 Jun 2004
Posts: 636
Location: OHIO
106.09 Dollars($)
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| Posted: Wed Apr 25, 2007 4:54 am Post subject: RE: loan for condominium - what should be the occupancy |
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Hi Miranda and Will,
Welcome to our community forums.
Miranda, as far as I know, there isn't any such rule that the condo has to be owner-occupied to a certain percentage. Different lenders have different criteria of offering loans for a condo. The occupancy of such condos will also vary from one lender to another. Some lenders will appreciate an 80% owner-occupied condo while others may approve loans having occupancy below the said percentage.
Regards,
Jessica.
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kenstampe
Moderator
Joined: 22 Jan 2007
Posts: 146
Location: Dallas, TX
50.64 Dollars($)
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| Posted: Thu Apr 26, 2007 12:20 pm Post subject: |
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You have different issues if looking for an FHA loan or if it is a conventional loan you are considering. Either way, the FHA or Fannie Mae/Freddie Mac have requirements on condominium developments before they will be insurable by FHA or conform to Fannie/Freddie guidelines. % occupancy is one of several requirements.
Typically when buying early in a condominium you have less financing options and you often have to look at a bank like Wells Fargo or Bank of America to do your loan. The reason is they can keep your loan within the bank until the complex meets the requirements. The small mortgage bankers and brokers can't do this obviously.
Usually the condo developer has suggested lenders with banks who will do the early purchases in the development. I know Bank of America will do unit #1 in a complex in most cases.
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Miranda
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| Posted: Fri Apr 27, 2007 5:09 am Post subject: |
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| Thanks guys. But does it make any diffrence in going with a banker or a broker? |
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donnelly
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| Posted: Fri Apr 27, 2007 11:12 am Post subject: |
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| It does not make much of a difference but you need to check the rate offered. One thing is that broker can give you more options to select from. |
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sandra
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| Posted: Fri Jun 08, 2007 10:39 am Post subject: condo occupancy |
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| man i have the same problem. i can't find no 1 to do my loan the complex is only 34% o/o and the rest are rentals. most of the lenders we have tlkd to want 50% and up. |
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miller_st
Joined: 17 Jan 2007
Posts: 917
168.82 Dollars($)
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| Posted: Fri Jun 08, 2007 5:13 pm Post subject: |
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| Quote: | | man i have the same problem. i can't find no 1 to do my loan the complex is only 34% o/o and the rest are rentals. most of the lenders we have tlkd to want 50% and up. |
Some lenders do offer to provide the loan even with 25% occupancy. Guess you need to search a bit more and hopefully you will be able to locate lenders who are willing.
One to start with can be Will Addo of Wells Fargo Home Mortgage, who suggested in his previous post that it could be possible depending on specific situation and program selected. You can give it a try by contacting him to start with.
Miller |
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