Question Details

Wendy6190, Home Buyer in Illinois

qualifying for a conventional loan for a rental condo

Asked by Wendy6190, Illinois Fri Mar 9, 2012

We live in Illinois. We are looking at purchasing a condo in Missouri to use as vacation property. There are rental units in the building. Don't know if we would put ours on a rental program when not using it, but consider it to be a perk. Putting 5- 10% down. Concerned that we may not qualify for conventional loan due to high percentage of rental units in the building.

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Answers

1
Find out who manages the property and see if they have a rental cap. If there is a rental cap and they are above it then you probably won't be allowed to rent your unit out.
0 votes Thank Flag Link Fri Mar 9, 2012
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