Low income housing deed

[Kevin Cespedes]

Hi guys im looking into a 4 family house.

And on the details for purchasing the property it says i have to put a 25% conventional loan. And it says its a low income housing deed restriction and im a completely clueless about what that exactly means because i never heard of a low housing deed restriction if any can pls let me know it will be greatly appreciated. Thanks

[Brandon Sturgill]

@Kevin Cespedes Deed restrictions are basically caveats written into the ownership of a property....usually from the builder, but can be added for existing property as well...look to see who the actual owner of the property is...sometimes properties are constructed as low-income housing and have received tax credits in return for allocating a certain percentage of the units to low income...housing voucher, etc....but not always the case with a deed restriction. Irrespective, if you cannot get the deed restriction removed...or legally changed once you take ownership, it stays.

Your local title agent can give you a more detailed overview of what's going on and what type of options you have.