Tag Archive for: condo complexes

Reminders: 60 Day Rent Back OK; Owner Occupancy Ratio For Condos

A couple quick reminders: 60 Day Rent-Backs are almost always allowed. Owner-occupant buyers must take possession of a property within 60 days, or they will not be allowed to garner […]Read More

Townhouse/PUD vs. Condo: Affects Rate and FHA Financing

We frequently have Realtors and borrowers confuse PUDs (Planned Unit Developments) or “townhouses” with “condos.” It is significant b/c condo complexes need to be FHA approved before a unit can […]Read More

3% Down for Condos; Don’t Need FHA Approval for Condos!

Fannie Mae’s new 97% loan will finance condos! This is huge b/c in the past Fannie would only go to 95%. This means that condo complexes no longer need to […]Read More

Mixed Use Condo Complexes with Commercial Space Are OK If…

Condo complexes can have commercial space and be eligible for financing as long as the commercial space comprises less than 25% of the square footage of the entire complex. If […]Read More