Good News! No More Condo Owner-Occupied Restrictions!
Our office mortgage broker just made a great announcement — If you own a condo in a building that is mostly-owned by a single entity (ie. the builders held onto 75% of the units and rented them out), you might be able to sell it! Less Red Tape!
Banks are relaxing the requirement that condo complexes be more than a certain % owner-occupied. The only real restrictions that continue to exist are regarding the HOA reserves and any pending litigation against the HOA. The other big restriction — the buyer needs to occupy the unit. Banks won’t relax the restriction if the buyer plans on making the unit an investment/rental property.
So, to summarize this super-long blog post, if you haven’t been able to sell your condo because no one could get financing, it might now be possible! Combine this with the fact that you might not be underwater anymore, thanks to the rebound we’ve experienced this past year, and it sounds like the right time to sell the condo and buy your first “real” house!
Contact me for more info, and I’ll happily send you the details.