not "Fannie Mae compliant" property

What % is investor owned? You may be able to obtain FHA financing instead. FHA allows a higher investor concentration.

No one can answer that question but you... However keep in mind that the lender has this restriction / guideline for a reason... they understand how occupancy rates affect valuation. The more Owner Occupied a condominium is, the better chance it has to maintain / increase it's valuation. Historically, if a complex is mostly rented, then values are lower compared to a "Like" complex that is mostly owner occupied. FHA has the same guideline... I think you should have your agent locate for you only properties that are FHA or Fannie / Freddie approved... this will save you a lot of time and effort in the future.. but as far as should you or shouldn't you??? I LOVE Boston... but if it were me.. i would pass... WilliamAcres.com

Are you sure it's not consider as a "condo"? If you can locate the actual property classification via county's website, this would give correct verbage. A town home that occupy's a percentage of land, should be fannie mae approved. If it's a condo, find out the condo development, HOA and have loan officer locate it on FHA Approved Condo website.

As you look to buy a home (or Condo or Townhome), one of the things that is often overlooked is the saleability of the home when you are ready to move on. In years past, when money was easy, everyone was willing to lend on Townhomes and Condos. Today, not so much. Many projects are not lendable with Fannie, Freddie or FHA because lenders are aware of the problems a concentration of rental units can have on a project. If you are serious about this property, You need to find out if the project is HUD eligible. If it is, then you should be able to obtain an FHA mortgage. If it is not, my advice is to move on. The last thing you need to do is box youself into a property that you may not be able to sell, or sell easily, should you decide to (or need to) move.

Those terms and rate is way too high. This must be for investment because on a primary residence occupancy ratios don't matter. There are portfolio lenders that also don't care on investment condos. You'll need to call smaller banks and credit unions in the Boston area. .... Happy funding, Rudi