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Wonder how this works with the FHA underwriting requirement that mortgages in multifamily properties can only be written if 25% or less of the units are rentals
by Mountain_Skies 4y ago
Wonder how this works with the FHA underwriting requirement that mortgages in multifamily properties can only be written if 25% or less of the units are rentals. Having a revolving door of short term guests in a building upsets some long term residents but causing them to be unable to sell their property to anyone using an FHA loan is economically damaging.
- whydid 4y agoAs someone who's shopped for apartments in NYC for years, I can tell you that yes, many buildings are unfinanceable if > N% of units are rentals. However, many/most loans in NYC aren't traditional loans because they're greater than the FHA limits ($600k I think?)