Hello everyone,
I'm in California and I own a condo as an investment property that is part of a 3-unit condo with an HOA. I rent my unit out and the other units are owner-occupied. Right now all of us are fine since we meet the 51% owner-occupied guidelines for Fannie Mae and Freddie Mac in regards to warrantable loans.
Question:
If another unit decides to rent out his/her place we would obviously go below the 51% owner-occupied threshold. At that point, if one of the investment property owners decided to sell would prospective buyers (assuming the prospective buyer would live in the unit) qualify for a warrantable loan? Since in this case after the buyer purchases the unit it would be 2 units that are owner occupied and 1 unit that is an investment property.
Thanks in advance for your help.
-Aaron
