Loan for condo complex heavily owned by investors

[Steve C.]

I am trying to close one loan with Chase for one condo as an investment property.

I heard that they have a policy that they usually approve a loan when investor owned properties have be less than 50% in the condo complex. So this requires extra work to be an exception from my side. 

I haven't heard this kind of restrictions before, but is this usually the case for many loans?

[Brie Schmidt]

Originally posted by @Steve C.:

I am trying to close one loan with Chase for one condo as an investment property.

I heard that they have a policy that they usually approve a loan when investor owned properties have be less than 50% in the condo complex. So this requires extra work to be an exception from my side. 

I haven't heard this kind of restrictions before, but is this usually the case for many loans?

That is a FHA rule. If you don't currently own property you can look if the area qualified for the 5% down program

http://www.freddiemac.com/homepossible/eligibility...