Updated over 3 years ago on . Most recent reply
Condo buying in progress, but complex has over 50% rental units
Hi everyone,
We're recently in progress in buying a condo unit in Springfield MA area, hoping to do long term or midterm rental.
We currently got the appraisal in hand and found out the condo complex has over 50% rental units. Will this affect our ability to get a loan?? When I bought another condo two years ago, I was required to put down 25% because the complex had more than half of tenant occupied units.
We're planning to put down 15% for this condo.... any similar experiences or insights you can share would be appreciated!! Thank you !