I have no *definitive published statement* from an industry professional. We had a personal conversation with our loan officer, who when subsequently asked where we might find something official, advised googling Fanie Mae. Lotsa luck w that. We have also an email from a Virginia mortgage banker. I will be asking both these folks if we can quote them, but finding something published would be preferable (especially if I could link to a paper that goes into some detail).
The issue matters because if too many of the units are rentals, it lowers property value. As we understand it: Units will be harder to sell because there will be less demand, because (1) numerous rentals in a neighborhood is not looked on favorably by many buyers, and (2) it is harder for a prospective buyer to get a mortgage if the rentals exceeds 20-30% of the total units.
I am posting this Real Estate Law Forum because there are so few places to turn. There appear to be about one or two good HOA forums and that's it. Sorry if this is intruding.