Buying a unit in a condo with less than 50% owner occupancyI am attempting to buy a unit in a low-rise condo building with less than 50% owner occupancy. The 29-unit building is owned by a developer who decided to wait on converting the building to condos until the market rebounds. One of the first buyers is now selling her unit (it is one-bedroom unit and she is expecting a baby). I am extremely interested in the property as the unit has been completely renovated, it is in my ideal location and the price is very good. I have the 20% down-payment and a credit score in the high 700's, however my lender will not approve the property due to the occupancy levels. My realtor has recommended financing through a credit union instead of my big name bank. Is this a safe/smart idea or should I just walk away?June 09 2009 - Somerville00YesReport a ProblemProblemSelect oneOffensive contentIrrelevant contentSpam (pure self-promotion)OtherDetailsYour emailPlease enter a valid email address.Submit CancelContent flaggedWe will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.We're sorry. This service is temporarily unavailable. Please come back later and try again.