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owner occupancy: UPDATE: What is a Condo Limited Review? It may just save your Deal
- 07/28/15 11:06 PM
We all know condo financing has gotten ridiculously hard. Few are FHA Approved, taking out the FHA mortgage option for someone buying a Condo. So that leaves us with the Conventional loan route. But many lenders and mortgages require an owner occupancy of 50%+. The owner occupancy rate is the % of people who own and live in their condo vs those who rent out their condo. So what do you do if the condo is “non warrantable” and does not meet the owner occupancy rate needed to get approved for a mortgage……..
The Answer is the Condo “Limited Review”. Here is … (0 comments)
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owner occupancy: The Con-Do’s and Con-Don’ts of Getting a Mortgage for a Condo
- 11/01/13 05:32 AM
Getting a mortgage to buy a condo can be more difficult then buying a regular home. Before buying a condo, you will want to make sure you know the general Con-Do’s and Con-Don’ts of getting a mortgage to buy a condo. Here they are:
Don’t make an offer on a condo if you are pre-approved for a FHA loan without making sure the condo project is also approved for a FHA loan. As the condo must also be FHA approved. Here is the link to see if a condo is FHA approved. Do make sure you know the Condominium … (0 comments)
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owner occupancy: What is the Condo Limited Review? Well, it may just save your Deal
- 07/19/12 03:58 AM
We all know condo financing has gotten ridiculously hard. Few are FHA Approved, taking out the FHA mortgage option for someone buying a Condo. So that leaves us with the Conventional loan route. But many lenders and mortgages require an owner occupancy of 70%+. The owner occupancy rate is the % of people who own and live in their condo vs those who rent out their condo. So what do you do if the condo is “non warrantable” and does not meet the owner occupancy rate needed to get approved for a mortgage……..
The Answer is the Condo … (2 comments)
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owner occupancy: What are My Options for Getting a Mortgage on a Condo? FHA, VA and Conventional
- 07/20/11 05:02 AM
If you are interested in buying or refinancing a Condo, you need to know your mortgage options and requirements. Unlike when you want to buy a regular home, condo's have more restrictions and requirements. Here are the explanations for Condo financing for FHA, VA and Conventional Loans:
FHA- If you want a FHA loan and plan on buying or refinancing a Condo, the Condo must be FHA Approved. Instructions on how to verify if a Condo is FHA approved. Also Make sure that you look at the comments section, for any other information. The owner occupancy rate must also be 51% … (0 comments)
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owner occupancy: C is for Condo, T is for Townhome. Pay Attention to which it is in Houston, Texas
- 01/19/11 12:02 PM
Here in Houston, we have a unique situation. It is "condos" that look like Townhomes. It walks like a townhome, talks like a townhome, but its quacks like a condo. The property is listed on HAR.com(MLS) as a townhome, it looks like one. The contract is done on a 1-4 family residential contract. But on the tax record it shows a Condo. to know the exact answer, look up the property on the Harris County Appraisal District. And look under the "building type". Some genius came up with the idea that if you call townhomes, condos you can build more of … (0 comments)
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