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Owner Occupancy Waiver?

Started by anonymous
almost 11 years ago
Discussion about
I have a contract signed and board approval for a small co-op in Bedstuy. For the most part things were running smoothly, until I learned about the owner occupancy limitations for a Fanni / Freddie loan. This seems to be the only stop gap in the situation - the building has 50% owner occupancy, and needs 51%. Is there any way to get a waiver on this requirement? Some more info on the Co-op: - There are no liens on the property - There is another share in the coop also under contract - Although there is 50% owner occupancy, 3.5 /6 Shares are currently owned. (Does this make the owner occupancy over 50%?) Thanks for any help friends!

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