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If you want a kiss from your spouse when you come home go buy the right home. With recent
home prices sky rocketing many developers and home owners have converted multi families
into condo units. This can be a great alternative to the traditional big condo complexes without
the headaches of dealing with a single family or an intrusive condo association.
If you are buying a condo there are different rules for the number of units in a complex.
Small complexes are four units and under and big complexes are five units and greater which
have different requirements. To keep things simple I am going to be discussing small complexes
four units and under.
Here is what you need to know when you are buying a condo and the complex has less than
four units
Owner Occupancy. Only one unit can be investor. This means if it is a four unit complex three
have to be owner occupied.
2) No legal review of the condo documents including condo budget is not necessary. Your
lender might ask for the condo budget but it will not affect the condo approval.
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the latest mortgage and real estate trends.