Tenant occupied condo's are hard to get insurance quotes in any state for out of state investors. The reason I know this is because we are usually found after a very exhaustive search by the investor. We write tenant occupied condos even when they are in Detroit for out of state investors and in state investors. Give us a call at 888-438-4544 or visit our website to request a quote.
hi....michigan basic is a good insurance co. but they are expensive..(they are in downtown detroit) .most any well known company would probably insure it...but michigan basic has the rental and investment insurance down...they are also one of the few insurance companies that will insure vacant property........best regards...bob mcclure- first preferred mortgage- southfield, michigan...... more
Unfortunately a 5% down conventional loan is dependent on being able to obtain PMI, and since none of the PMI companies I know of will provide PMI on a condo with any less than 10% down you're probably out of luck, regardless of any individual lender's policies or guidelines.
You could try FHA (3.5% down), however the condo would need to be FHA approved.