Posted on: 11th Mar, 2012 09:55 am
After the housing crash, my understanding is that getting a mortgage for a condo has been particularly tightened. My impression is that mortgages are almost impossible to get in condos where most units aren't owner occupied. Is that still the case?
Could someone tell me how things are right now?
Could someone tell me how things are right now?
Hi Guest,
It is true that if a certain percentage of condos are not owner occupied, it will be difficult for you to qualify for a loan. You will have to contact the lender and check out whether or not you will be able to qualify for a condo loan.
Thanks
It is true that if a certain percentage of condos are not owner occupied, it will be difficult for you to qualify for a loan. You will have to contact the lender and check out whether or not you will be able to qualify for a condo loan.
Thanks
With FHA mortgages, the condo project must be FHA approved. That is a process the builder/developer must go through if a new condo project and a process the owners association must go through for established condo projects.
Fannie Mae mortgages do not have any owner occupancy requirements if the condo being purchased will be owner occuopied or a second home. If the condo being purchased is to be an investor property, then at minimum of 51% of the condo units in the project must be owner occupied or second homes
Fannie Mae mortgages do not have any owner occupancy requirements if the condo being purchased will be owner occuopied or a second home. If the condo being purchased is to be an investor property, then at minimum of 51% of the condo units in the project must be owner occupied or second homes
