[quote=sdrealtor] I have seen and heard of numerous loans getting denied because the owner occupancy was too low. Perhaps it is only some but not all loan programs.[/quote]
1. % of owner occupancy usually only matters when buying a condo AS A RENTAL PROPERTY.
2. % of owner occupancy should not be a concern when buying a condo as a PRIMARY residence (or 2nd home)
Are you saying that loans have been denied for PRIMARY RESIDENCE purchases due to % of occupancy ??
I am not aware of this happening.
NO LOAN is easy today, regardless of credit score, income, assets or equity. ALL guidelines must be met whether it is a 95% loan or a 25% loan.
The most difficult loan by far is an INVESTMENT CONDO loan.
There are 3 major lenders for condos:
FHA, Fannie and Freddie, each has their own rules.
For FHA the condo complex must be FHA approved or it is not eligible for an FHA loan.
Is your head spinning yet ?? It gets worse & more complicated.
There are numerous reasons for condos to be ineligible for financing, not limited to budget, financial strength, litigation, insurance, delinquencies, one party owning more than 10% of complex, condition, reserves, fidelity bond etc.
