Posted on: 19th May, 2010 07:54 am
I am looking to purchase a townhome that is in a short term rental community.
I am told that this could be problematic with the lenders.
It is in Kissimmee and I would say 50% of the subdivisions here are short term. Although it is zoned short term, the majority of people there are either owner occupant or long term renters.
Does anyone know if this is going to ruin our chance of getting a conventional loan. We will be owner occupants.
I am told that this could be problematic with the lenders.
It is in Kissimmee and I would say 50% of the subdivisions here are short term. Although it is zoned short term, the majority of people there are either owner occupant or long term renters.
Does anyone know if this is going to ruin our chance of getting a conventional loan. We will be owner occupants.
Welcome tonifoulkes,
It will be completely the lender's discretion whether or not he will give you a conventional loan for a property located in a short term rental community. I would suggest you to contact the local lenders and check out whether or not they are ready to approve the loan for you.
It will be completely the lender's discretion whether or not he will give you a conventional loan for a property located in a short term rental community. I would suggest you to contact the local lenders and check out whether or not they are ready to approve the loan for you.