How many units in a building must be sold in order to be FHA approved to close? I have been told 51% sold and I have heard it to be only 30% sold...

Asked by Lifeinmypocket, New York, NY Thu Aug 19, 2010

I have been waiting for over 3 months to close with an FHA loan... My bank is telling me that the Condo must be at 51% but the seller is telling me 30% so what is the answer?

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Anna M Brocco, Agent, Williston Park, NY
Thu Aug 19, 2010
Listen to your loan officer/lender and or ask your attorney the question--at least 51% of the units need to be owner occupied--see link for additional information.
http://www.fhainfo.com/condos.htm
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