Is there any issues getting a mortgage on a detached condo that has the ability to be rented by the week in the condo docs ?

Asked by arrudaphoto, 03246 Wed May 9, 2012

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Scott Godzyk’s answer
Scott Godzyk, Agent, Manchester, NH
Sat May 12, 2012
There is no problem with it being detached, the problem may be that you are renting it weekly as it would require an investment mortgage instead of an owner occupied. Meet with a local and trusted Loan officer who can easily explain the difference and any costs with it.
Web Reference:  http://www.ScottSellsNH.com
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Chuck Braxton, Agent, Meredith, NH
Wed May 9, 2012
There is a fairly standard condo questionnaire that mortgage lenders will want the condo association to complete. Lenders are particularly interested in whether some units are in foreclosure or otherwise non-performing (not paying their dues) and also whether ownership is concentrated with anyone owning more than 10% of the units. I have not run across issues with the fact that a condo can be rented by the week. There may be some other issues regarding the financial health of the condo association. Of course, lender's will be interested in your creditworthiness as well. Good luck.

Chuck Braxton, REALTOR GRI
603/677-2154
0 votes
Ruth Neidhar…, Agent, Meredith, NH
Wed May 9, 2012
It depends on the lender and the association documents. Check with your mortgage person to get the answer to this.
0 votes
Steve Vennem…, Agent, Pine Springs, MN
Wed May 9, 2012
you have to talk to a mortgage person and ask the condo association if they will let you rent it out.
http://www.cahomescontractfordeed.com/owner_financing.html
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