Real Estate

Ask Toni & Maria – Real Estate Column #12

“Ask Toni & Maria” is a real estate column written by Toni Gilardi and Maria DiTullio from Elite Boston Landmark Realty. Have them answer your questions in an upcoming column by emailing

Hi Toni and Maria,
I am beginning to think about buying a condo. One question I have is what the impact of the owner-occupancy rate is? Does this impact my mortgage rate? And what does the owner occupancy rate need to be?
Thanks, Tim

Hi Tim,
Yes, the owner occupancy ratio has an impact on your mortgage. A low owner occupancy does not qualify for a government backed low down payment loans. The banks prefer a higher than 50% owner occupancy. This could impact your ability to obtain financing. However, a larger down payment and applying for a conventional mortgage should simplify your ability to finance.

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