Posted on: 05th Sep, 2010 11:57 am
I have been told if there are to many rentals in a condo association
it can be hader to get a loan to buy. Is this true and if so is there a percentage # and why can it be a problem.
Russ Granger
President of a condo assoc.
it can be hader to get a loan to buy. Is this true and if so is there a percentage # and why can it be a problem.
Russ Granger
President of a condo assoc.
Hi chief,
As far as I know mortgage lenders impose restrictions on the number of investor units in a condominium association. Normally, the investor units in a condo association cannot exceed 40% or 50% of the units. If an association exceeds these limitations, it becomes difficult for potential purchasers to obtain mortgage financing.
As far as I know mortgage lenders impose restrictions on the number of investor units in a condominium association. Normally, the investor units in a condo association cannot exceed 40% or 50% of the units. If an association exceeds these limitations, it becomes difficult for potential purchasers to obtain mortgage financing.