When shopping for a Condo there are several things you must look out for, so that your lender will not reject your loan. One of the most common obstacles is the Occupancy Rates for Condos. This is also known as the % of owners that own as their primary residence or 2nd home vs those that are investment properties.
Many lenders will restrict you to a minimum primary residence ratio of 51%. If it’s below that they simply will not lend you money to buy that property.
Not at The GreenHouse Group!
We have a handful of lenders that will allow you to buy a condo in a complex with low Occ Rates if you meet certain criteria. One of the most important is that you are buying the home as your primary residence. If you are, then we can waive that requirement. It’s also important to know that there are a few other things that can blow your loan up. Condos are a unique beast, so it’s important to know what to look out for before even making an offer.
To learn more about these things click here, and send me an email with the subject line – CONDO OCC RATES QUESTION. I’ll respond with some more info on what you need to know.
Have a great week!