Owner Occupied Loans

When it comes to owner-occupied loans, finding the right lender is quite important. Traditional institutions may offer low interest rates, but the process is quite tedious. Also, the chances of your loan getting approved are quite less. It’s the reason you should opt for private lenders. 

So, if you are searching for private lenders for the ailing of owner-occupied loans, you’re in the right place. Commercial Real Estate Loan Pros of Orlando can help you borrow money without submitting too much documentation and at a lower interest rate.

What is owner-occupied financing?

Owner-occupied loans are mostly offered by private lenders or banks, as they have no risk as compared to other types of loans. These loans are only available to owner-occupants. Owner-occupants are the residents that own the space and live in it.  For these types of financing, residents have to move within 60 days of closing and spend a minimum of one year in the property. Owner-occupied financing does not apply to the investment property. If you utilize the property for rental income, you are not eligible for borrowing owner-occupied loans.

Basic requirements of Owner-occupied Loans

Every lender has some requirements that you have to fulfill so that they can give you loans. Some basic requirements for qualifying for owner-occupied loans are given below:

• You have a minimum time of 1 year to live on the property. If you live at least 70% of the time limit, you are eligible for an owner-occupied loan.
• You have to sign some documents that state you live on the property you are applying for a loan.
• Your property should be in an area that suits the needs of your family.
• Your workstation should be within 50 miles of the property.