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Private Lending & Conventional Mortgage Advice

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Donald Graham
  • West Des Moines, IA
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51% occupancy on condo a condition for a loan?

Donald Graham
  • West Des Moines, IA
Posted Mar 5 2015, 19:05

I recently made an accepted offer on a condo, approved by a bank, appraisal has been done, and now I am learning of the 51% owner occupancy contingency for the loan as an investor.  I believe the units are 50/50 rentals to owners but haven't gotten a firm answer yet  (something I should have looked into first obviously).   Has anyone else had experiences with this situation.  We are working with Wells Fargo, and have 25% down payment.  Thanks for any advice or insights.

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