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Reply to "Signs of a dysfunctional condo association [DC] "
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[quote=Anonymous][quote=Anonymous]The actually rule for a condo to get a conforming loan is at least half of the units must be owner-occupied. However, Fannie and Freddie will allow in certain cases confirming mortgages to a primary home owner in a building with over 50 percent rentals as that is how you get more primary owners. This 15 to 25 percent limit in rentals is a total made up thing. Now add in an extremely large amount of Condos are not conforming on purpose it is meaningless. Many many condos including my own are not conforming on purpose aa tons of paperwork requirements and often brings i. Riskier people. Meaning low downpayment mortgages more likely to default. Some buildings allow zero rentals and don’t have conforming mortgages. [/quote] Thank you - I was getting stressed out about something else!![/quote]
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