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East Randolph Street, Chicago

Mortgage guideline with renters to owners ratio

October 6th, 2009 · No Comments · Uncategorized

Just want to clear some important mortgage guideline of the condo buildings, the FHA/VA /conventional guideline is the renter to owner ration in the building is less than 50% for existing buildings and 30% for new construction buildings. And there are less than 15% of the owner is short on payment to the associations. So that means if you are buying as an investment, the renter to owner ratio is a little over 30%, you need to put in 25% and then you could be able to get a loan. For the ratio is over 50%, you have to have cash or you have to find a portfolio manager to borrow.

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