Condo Project w/ 38% Owner Occupancy

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mason@macemg.com

2 Posts

Posted - 08/11/2008 : 1:55:52 PM

I have a borrower seeking to purchase a condo in a non FHA/non FNMA approved condo project. There are a total of 16 units of which 6 are owner occupied. The borrower is receiving a gift of 20% down. Fannie wants 51% owner occupancy, Freddie wants 60% owner occupancy. Due to the low occupancy, the property is not eligible for a SPOT approval. Any suggestions?

nowbroker

1386 Posts

Posted - 08/11/2008 : 3:05:07 PM

http://www.brokeroutpost.com/loans/brokers/forum/topic.asp?TOPIC_ID=236032

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