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Angela Sargent
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I grew up in South Texas, serving in the US ARMY after high school. I served in the Military Police Corps for nearly 5 years. I then attended Victoria
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Angela Sargent answered:
Gups, many lenders have backed off quietly from loaning on Condos. The downpayment will be dictated by the type of loan you are actually doing. (FHA, Conventional, etc) There is no "regulating authority" on downpayments. Well, as of today anyway! Each lender is different in what they may loan on and the size of the downpayment required.
Another factor I have not heard mentioned yet is the Owner Occupancy Ratio. You may very well qualify for whatever "Condo Loan" program a lender would offer. But if the Occupancy of the Condos is under a certain percentage of Owner Occupied, the loan will not be approved. The Occ ratio also varies from lender to lender. I just helped a buyer purchase a condo and the lender required 97% owner occupancy. They are looking to ensure that the developer did not hang on to a large number of units, and a large number weren't purchased by one entity or person. The reason for that is the foreclosure risk.
Best wishes!
Another factor I have not heard mentioned yet is the Owner Occupancy Ratio. You may very well qualify for whatever "Condo Loan" program a lender would offer. But if the Occupancy of the Condos is under a certain percentage of Owner Occupied, the loan will not be approved. The Occ ratio also varies from lender to lender. I just helped a buyer purchase a condo and the lender required 97% owner occupancy. They are looking to ensure that the developer did not hang on to a large number of units, and a large number weren't purchased by one entity or person. The reason for that is the foreclosure risk.
Best wishes!
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