Condo's eaiser to get a mortgage or refinance

Owner Occupancy Ratio Requirements (Investor Concentration)

Established condominium projects consisting of attached units (5 or more) must have an owner occupancy ratio of at least 51% at the time the loan is originated (purchase or refinance). · REO units that are for sale (not rented) as owner-occupied units may be included when calculating the owner-occupancy ratio. · Projects that do not meet the owner occupancy ration of 51% will need to be submitted for approval under the PERS. Note: Owner-occupancy requirements apply to investment loans only. The requirement does not apply to principal residence or second home loan transactions.

This is Huge News! If your borrower is buying a primary residence, the 51% rule of owner occupancy does not apply!!! Look at the section that starts with Note.

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