condo home loan: Condo With Less Than 51% Owner Occupancy? OK For Conventional Loans
- 01/10/13 04:30 AM
Owner Occupancy Ratio: the number of owner occupied condominiums in a particular condominium complex divided by the total number of units in the project. The lower the number, the higher the rental concentration. Since rental properties are riskier ventures for lenders, i.e., someone in financial trouble is more likely to let a rental property go before they let their own home go, lenders will typically shy away from condo complexes with low owner occ numbers. FHA wants a minimum 51% of the units to be owner occupied. Most lenders offering Fannie and Freddie financing want a minimum 51% ratio as … (0 comments)
Owner Occupancy Ratio: the number of owner occupied condominiums in a particular condominium complex divided by the total number of units in the project. The lower the number, the higher the rental concentration.
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