East Randolph Street

Observations and insights into real estate happenings along E. Randolph St. in downtown Chicago

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.

Tags: ··

No Comments so far ↓

There are no comments yet...Kick things off by filling out the form below.

Leave a Comment