New rule allows conventional investor financing for condos that are 50%+ investors

[Henry Lazerow]

Previously with conventional financing you could only buy a condo for investment in which the HOA was under 50% investors and would end up needing a costlier DSCR loan instead to close the deal. Now the rules have changed where that only applies if your lender underwrites it as a full condo review, you can avoid this by putting 25% down. We have a lot of condos in Chicago that work well for investors, specifically the low rise no-elevator buildings with low HOA´s. Thought might be helpful for other BP members nationwide!