What are the ownership % rules for condo buildings to maintain FHA financing& refinancing? We are new owners and coming up with rental rules.

Asked by Mario , San Francisco County, CA Thu Feb 24, 2011

We are building of new homeowners in Oakland and are concerned about allowing too many rentals in our condo building. What are the maximum % or number of rentals we can allow in a 24 unit building before we restrict new buyers from getting FHA loans, or for current owners to get refinancing, which many of us are considering? In addition to this, are there any other considerations we should think of for rental rules?

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, ,
Thu Feb 24, 2011

Here are some main ones and a link to FHA that you can ask questions by key word.
1. 51% owner-occupied
2. No one entity can own more than 10% of the units, builder included.
3. HOA Dues cannot be more than 15% in arrears.
4. Link: http://www.fhaoutreach.gov/FHAFAQ/

Happy funding, Rudi
Web Reference:  http://www.umboc.com
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, ,
Mon Feb 28, 2011
Thanks Mario for best answer!

Thanks Justin for you kind remarks.

Happy funding, Rudi
Web Reference:  http://www.umboc.com
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, ,
Fri Feb 25, 2011
Dead on Rud, straight to the point and perfectly accurate.
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