High ratio of non-owner occupancy condo complex

[Johan Yang]

I am trying to use mortgage-conventional loan to purchase a condo investment in a high ratio of non-owner occupancy condo complex in Orlando.  Does anyone know what my chance be to get approved by the bank?

Thanks.

[Shaun Weekes]

Originally posted by @Johan Yang:

I am trying to use mortgage-conventional loan to purchase a condo investment in a high ratio of non-owner occupancy condo complex in Orlando.  Does anyone know what my chance be to get approved by the bank?

Thanks.

If the condo has over 50% Non-Owner-occupied tenants, you won't qualify for a Fannie or Freddie loan. This is called a non warrantable condo. You'll need to find a portfolio, non-QM, HML or private lender. These aren't hard to find but your rates and terms won't be as good as Fannie or Freddie.

I hope this helps and have a good one.