Home Selling in Chicago>Question Details

Davidfoster31, Home Buyer in Chicago, IL

What year were owner occupancy requirements initiated?

Asked by Davidfoster31, Chicago, IL Thu May 22, 2014

No one told us in 2008 when we bought our condo that owner occupancy verses rentals in our building would be an issue for financing and therefore selling in the future. Now 2 of 3 total condo units are rented out and it is super upside-down so we want to GET OUT! I am trying to build a case for a short sale cash sale since no one can get financing.

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Each association rules and regulations are different. Consult your board on this. Many lenders will do a loan in this type of building it just may require at least a 20% down payment.
1 vote Thank Flag Link Sat May 24, 2014
It sounds like your condo may fall into the category of a non-warrantable condo which simply means it does not conform to Fannie/Freddie guidelines. After checking with your board find a lender that does non-warrantable condos and refer potential buyers to them. This may be difficult as there are hundreds of lenders and the majority of them are not able to lend against a non-warrantable condo. I know a handful of lenders that can do it. Feel free to contact me if you'd like that info.
0 votes Thank Flag Link Sun May 25, 2014
Each building establishes their own. I would talk with your board about this.
0 votes Thank Flag Link Fri May 23, 2014
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