Real Estate News with Terri Taydus, GRI, CNA

Buying a Condo with Low Owner Occupancy? YOU NEED TO READ THIS!

February 28th, 2014 7:40 AM by Taydus Taydus



FINALLY A NEW PRODUCT THAT BENEFITS THE BUYER

 

In the past it was difficult if not impossible to finance an owner occupied condominium where the owner occupancy was below 50%.

It has been getting tougher and tougher because HOA’s are being advised NOT to count Kiddie condos * as owner occupied or second homes which is what we did in the past.  

There are several lenders that will do non-warrantable condominiums but the rates are typically higher and they will only do adjustable rate mortgages on these properties.

Mutual Security Mortgage can now do conventional 30 year fixed rate mortgages AT MARKET RATE  with as little as 5% down payment.  

*  Kiddie Condo is the term used for a condominium that is owned by the parents and occupied by their son or daughter who is typically a student.

**  A non-warrantable condominium is one where the owner occupancy is below 50%

The above information was provided by:

Joe Taydus 
Mortgage Banker

Mutual Security Mortgage

2129 13th Street, Boulder, CO 80302

NMLS# 309188 CO Lic # 100017955

O: 303.443.5575

C:  303.514.1151
F:  303.496.1115

Joe@MutualSecurity.com

Five Star Award Winner 2010, 2011, 2012

                  -For exemplary customer service and client satisfaction

The above example is for Owner Occupied and Second Home purchases.  For Investment Property purchases, please contact Joe for more information. 

Posted by Taydus Taydus on February 28th, 2014 7:40 AM

Archives:

My Favorite Blogs:

Sites That Link to This Blog: