Legal Question in Real Estate Law in Utah

I'm buying a condo in provo utah as a second home. My realtor says my bank approved loan can't happen unless I establish that 51% or more of the condo owners are tenants. Since this is my second home, am I exempt from this rule?

Asked on 1/29/12, 8:55 am

1 Answer from Attorneys

Paul Jones Paul W. Jones Attorney LLC

Your bank has internal guidelines about underwriting and approving your loan. Your realtor does not control your loan or dictate the bank's underwriting policies. So I would just worry about the requirements your bank imposes on you. If your bank has already approved the loan you don't need to worry about something the realtor believes to be a lending condition. It sounds like your realtor is just passing along something that he/she may have seen with other 2nd home situations. So I would just deal with the bank on the loan and take what the realtor is saying as friendly advice, but not as a binding rule. Best of luck to you.

-Paul Jones

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Answered on 1/29/12, 9:12 am

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