Condo Question For Project Primary Occupancy

[pdaniel7]

Hello everyone. I am doing an appraisal on a very small condo project which consists of only six attached townhome style units with a self managed HOA. Per the HOA rep, there are three owner occupied properties and three tenant occupied units for a perfect 50% each. From what I gather from Fannie Mae, I should be checking the Project Primary Occupancy as Principle Residence (and explain in the addendum), but it is not completely clear. Would you agree that Principle Residence should be checked? Thanks for your input.

 

[Tom D]

seems fine to me. not sure you have to explain it cause it is so obvious. by obvious, i mean the underwriter will ask you to change it if they don't like the answer.

 

[CindyR]

Yes, principle residence. More than 50% are not rentals

 

[Theresa522]

Correct and don't forget to check off "Yes" for "Does any single entity...own more than 10% of the total units in the project?" with an explanation (since the project only contains six units, each unit owner owns more than 10% of the total units).