“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 firstname.lastname@example.org.
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?
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.