Are there any special requirements for condominiums?
Since the value and marketability of condominiums is dependent on items that don’t apply to single-family homes, there are some additional steps that must be taken to determine if condominiums meet MassHousing guidelines. One of the most important factors is determining whether the project that the condominium is in is complete. Because the lender cannot be certain that the remaining units will be of the same quality as existing units, which could affect the marketability of your home, many lenders cannot provide financing for condominiums until the project, or at least the phase of the project in which your condominium is located, is complete. In addition, a lender will consider the ratio of non-owner-occupied units to owner-occupied units. MassHousing considers the ratio of 60% owner to 40% investor acceptable. This could also affect future marketability because many people would prefer to live in a project that is occupied by owners rather than renters. Finally, a lender will ensure
