Fannie Mae guidelines for developer owned condo complex
Hi
Im trying to purchase a condo where there are 27 units. These were constructed in 2009. 12 of 27 are still owned by developer. 3 of 12 are under contract. Rest 9 are not listed on MLS yet.
Fannie and Fradie restrict loans if a single entity owns more than 20% or 25% respectively unless the developer is actively trying to market units.
The developer has a sign outside property marketing units. But hasn't listed the other 9 on MLS yet. I have usually seen developers list only few at a time, sell and list few more.
How does one get traditional loan in this case? How do you prove that developer intends to sell more and eventually bring ownership below 20%?