Buying multiple unit in condo complex

1 Reply

We own one unit in a four unit condo complex. One of the other owners is selling and we want to buy. I know there are some new rules around owning multiple units in a HOA. Who makes these rules? Is it a Fannie Mae thing so it would only impact us if we try to get a mortgage or is it a HOA or state law? We can pay cash for the property to avoid mortgage issues but when we refinance and try to get a conventional mortgage, will we run into issues? Can the HOA president or other owners object for any reason?

@Ashley Russell you need to read your HOA covenants - those cover most of what you are asking. Those are their "rules". As far as outside the HOA where you run into problems is owners trying to get FHA / VA loans. So, while it may be easy for you to buy - it may be less easy for you or the other owners to sell. Therefore, the HOA may even make up a rule about owning multiple units. Now this doesn't pertain to Conventional financing - but many times condo buyers are first timers or low budget and they need the other types of loans. Here are the guidelines.

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