Comment Detail
Date: 05/26/21 First Name: Gregory Last Name: Cutt Email: gregcutt@gmail.com Organization Type: other Organization: Guaranteed Rate Comment
The changes to financing condo projects that allow nightly rentals has been a disaster. This unfairly targets resort towns. it means the majority of condo projects as not eligible for conventional financing and the only options are non-conforming loans. Rates, fees and down payments are substantially higher. Prices in resort towns are very high and for many people who want to purchase a primary residence, their only option is to buy a condo, because they are more affordable. However, the new guidelines make it much harder for these buyers. They cannot afford the higher monthly payment and in many cases do not have 25% to put down, so they are not able to buy a primary residence.
Official websites use .gov
A .gov website belongs to an official government organization in the United States.
Secure .gov websites use HTTPS
A lock (
) or https:// means you’ve safely connected to the .gov website. Share sensitive information only on official, secure websites.