Forum
« Mortgage Contingencies How Can Self-Employed Refinance? »
September 2, 2009
"Owner-occupied" coop units
This is a question for anyone who's shopped around for a mortgage on a coop apartment lately. What percentage of "owner occupied" units is a coop building required to have in order for a prospective buyer to obtain a mortgage? Is it 70%? 75%? 80%? Or is it not a question that your lender asked?
Comments
The higher the better -- 90% is good, higher is better. 70-75% could be a problem or cost you (higher rate).
Posted by: BH76 at September 2, 2009 4:21 PM
I was asked for my condo mortgage application. My building is 100% owner occupied, so not sure what a lower % does to the rate.
Posted by: fawn at September 2, 2009 4:32 PM
wonton, this is old experience so not sure if its changed currently - 75% or higher on 10 or more unit coop are usually fine as far as getting a mortgage and at decent rates.
Posted by: more4less at September 2, 2009 5:18 PM
We will need 51% owner occupancy. 80% owner occupancy in coops with 20 or less units. Also, if there are any rented units then we will want a 'rents received vs. maintenance paid' analysis. sunny.hong@bankofamerica.com
Posted by: shong1 at September 2, 2009 11:53 PM
Post a comment
Please be patient while your comment is published. It may take a moment.