Condominiums with only 5% Down!
Did you know you can put down as little as 5% when buying a condominium as a primary residence? More and more condo buildings are becoming warrantable without having to put 25% on a primary residence.
The main issues we run into on the lower down payment condos are as follows:
- Minimum of 10% of the revenue in reserves
- Litigation can pose issues
- No one investor can own 10% or more
- At least 51% of the units must be sold and conveyed to owner occupants & 2nd homes
- Maximum 30% investor concentration
- Less than 15% are delinquent
Call me today for more information!
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