1. Developers control of the homeowners association has been turned over to the condo owners
2. Project is not subject to additional phasing or add-ons which have not yet been completed
3. All common elements and amenities must be fully installed, completed and in operation
4. 70% of all units in the entire development must have been sold and or legally obligated to close
5. 70% of all units in the entire development must have been sold to owner occupants
1. Recent or current condominium conversions (from apartments)
2. Homeowners association has been controlled by the unit owners (other than the developer) for less than two years
3. Project is not subject to phasing or add-ons which have not yet been completed
4. All common elements and amenities are fully installed, completed and in operation
5. 70% of the units in the entire development must have been sold and/or legally obligated to close
6. 70% of the units in the entire development must have been sold to owner occupants
7. No more than 15% of the current unit owners are more than one month delinquent in payment of homeowners dues or assessments
1. Homeowners Association has been controlled by unit owners (other than developer) for at least one year
2. Project is not subject to phasing or add-ons
3. All common amenities are fully installed, completed, and in operation
4. 90% of the units have been sold (owner-occupancy of at least 60%)
Consult an actual, experienced mortgage broker for more information, Realtors are not the best source of information regarding financing options.
The last time I came across this many lenders had recognized that this equation often doesn't work in buildings with 4 or less units.
We work with several lenders who may be able to help. If you send me an email (address below) we can send referrals.
Lance King/Owner-Managing Broker
If I were you, have your listing agent be proactive and ask around and find out what lenders will give loans on a 2 unit building.
I had a listing on Natoma about a year and a half ago, maybe two years ago and it got financed by Countrywide, I believe. Have your agent talk with Band Of America.
Actually, If I were you, have your listing agent be proactive and ask around and find out what lenders will give loans on a 2 unit building.
By the way, who is your lender? Also, ask the other owner in the building who did their loan. That may be the way to go.
As long as one unit will be owner-occupied, most lenders will be able to loan to potential buyers with no problems. Let me know if you would like a list of lending professionals to speak with or if you have any further questions.
Broker Associate - DRE 1844627
Good luck in the sale
It may not quailify for some loans like fha but some banks do have similar mortgages that it may quailify for depending on the strength of the buyer.
good luck with your sale