Nashville Real Estate

5th and Main Condos Boot Renters Out

5th and Main Condos Boot Renters Out

April 13, 2010 by · 18 Comments 

In the wake of the project losing FHA certification, the lender is quietly booting ‘lease purchasers’ out of the building who have no intention of consummating a purchase. Why? It’s simple. Under HUD’s revised rules, a condo development must be at least 50% owner occupied in addition to at least 30% sold or under contract [...]