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Replies (3)
- Randy Hooker, "GoingForIt"
- Contributions:395
Please tell us - why is it important???
- Yvonne Jaramillo Ahearn, Esq. (B), "Home Shoppe Hawaii"
- Contributions:84
I know why, if you'd like to know also, please contact me. Aloha...
- Laura Sasaki, "Laura.Sasaki"
- Contributions:13
Owner occupancy level is very important for financing. Though lending standards change frequently, at this time lenders typically want at least a 60% owner occupancy level (OO) in a building to finance a purchase for a buyer who will be living there as an "owner occupant", and 60% OO for an investor who is buying to rent out the unit. Outside this box, a buyer might be able to find a "portfolio loan" from a lender at a higher interest rate &/or somewhat less favorable terms, if the buyer's borrowing credentials are favorable & the building seems sound to the lender. This information is from a loan officer, Harvey Arkin of Platinum Mortgage Partners in Honolulu -- [edited by Zillow moderator to remove contact info] As well, some buyers prefer to live in a building that has a predominance of owners vs. renters, as owners have a vested interest in maintenance of the building.
Buyer's do you know why condo homeowner occupancy % is important when purchasing ?
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