Hope this helps. Feel free to reach out to me with any questions.
Feel free to reach out to me with questions.
AVP of Retail/Wholesale Sales
Sr. Mortgage Banker
NMLS # 659743
Here's what Fannie Mae says:
"At least 51% of the total units in the project must be conveyed to purchasers as
principal residences or second homes. This requirement does not apply when
lenders deliver mortgage loans secured by principal residences or second homes."
This means if the owner occupancy is too low, it doesn't matter as long as you are buying it as owner occupied. This only makes logical sense because by doing so you are raising the owner occupancy ratio, which is what they want in the first place.
The company I work for is licensed in Texas, I personally am not but I'd be happy to put you in touch with someone that understands the guidelines and can assist you.
If this condominium does not have a pending litigation, and no entity owns more than 10% of all units, with 25% down you should be able to buy with a regular rate.
Hope this helps,
Beachfront Realty, Inc.
Primary Residence -
Conventional â€“ minimum down 5%
4 questions confirming eligibility:
â€¢ Current owner occupancy rate ?
â€¢ Is there litigation?
â€¢ Does an owner own more than 10% of units?
â€¢ Does annual budget have 10% in reserves ?
FHA - 3.5% minimum down payment â€“ max loan amount $271,050.00 â€“ Condo project must be FHA Condo project approved
I've also heard that if it is not owner occupied (i.e. primary residence) then a minimum of 20% down is required in addition to the other criteria to meet eligibility.
I hope this helps. Your lender is your best source of information regarding their lending practices and your specific eligibility.