owner occupancy: Owner-occupants
- 08/23/12 02:08 AM
There is a bias in mortgage lending toward owner-occupants. It manifests itself in many ways. The rates for owner-occupants are almost always lower than the rates for investors. The amount of required down-payment is lower. Many condominiums do not qualify for the sale of loans to Fannie Mae and Freddie Mac if they do not meet the minimum standards of owner occupancy. In truth, there is some basis for this approach. It is much easier to “walk away” from an investment than it is from the home where you and your family live. On the other hand, if proper underwriting approaches … (1 comments)
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There is a bias in mortgage lending toward owner-occupants. It manifests itself in many ways. The rates for owner-occupants are almost always lower than the rates for investors. The amount of required down-payment is lower. Many condominiums do not qualify for the sale of loans to Fannie Mae and Freddie Mac if they do not meet the minimum standards of owner occupancy.
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