Is there a way around this? - Posted by Scott(WA)
Posted by Scott(WA) on February 13, 2001 at 07:30:35:
Ed or anyone else that wants to help me get creative,
I have been buying condo’s and either rehabbing/selling or renting them for a fair cashflow. I have found a really nice condo complex and currently own three 2/1 condo’s there. The only problem with this complex is the “owner occupancy rate”. The percentage of owners stays around the 52-53%, this falls below the FNMA limit of 60% and my broker is only able to get non-owner occ. loans with 20% down.
What I would like is either a loan program that would allow 10% down or some creative way to get around this. I am very confident that these condo’s are a great deal and below market value, I’d like to buy more as I find them but 20% is to much of a hit to my capital to close these deals to often.
Any ideas would appreciated!