@Anonymous wrote:
I'm working towards to purchase of a condo as my primary residence. I've been credit approved, now we wait on condo approval. The owner occupancy rate makes me nervous, currently its at 39%. What are the owner occupancy limits for conventional mortgages? My down payment is roughly 35% of purchase price. Will the low owner occupancy rate be an issue for approval?
Thanks
You're going to have a problem if your Lender plans to sell your loan to Freddie or Fannie. Owners occupancy rate must be atleast 70%. I went through a similar problem with my condo. They didn't have budget reserve. But I was able to find a new Lender who made the loan for its own portfolio.
