I am looking at purchasing a condo. It has 8 units in the complex and only three units are owner occupied. So it does not meet the 51% Owner occupied limit and it doesn't sound like I would be able to get a load. So my question is that if I buy the condo with cash and one more unit sells would I be able to finance the property at that point? Also, is it possible to get a loan in these conditions?

2 more would have to sell to owner occupied buyers, 51%.............!

a 50/50 split would probably not work with most lenders.

Wells Fargo and MetLife have really great condo financing programs which have guidelines that do not require 51% owner occupied - You can purchase with cash and refinance - however, some lenders are requiring you to be in the property for 6 - 12 months before a refinance after purchase  - and you will then no longer qualify for the full tax benefit of a purchase mortgage - the rule reads that if you purchase a home with cash and then take out a mortgage, that mortgage must close witin 90 days of the purchase to qualify as a purchase mortgage  - if after 90 days - only the interest on 100k of the loan will qualify - so please speak with a Wells Fargo (Wachovia) loan officer - or a MetLife Mortgage Consultant to see if they can help you have the project approved for lending.

Coast 2 Coast Funding Group provides mortgage financing on Non Warrantable Condos