Steve and Lisa's Mortgage Morsels

Condominiums:
What you need to know.

80% Financing for primary and second home-Full project review required. Allow more time for loan approval and closing.

75% limited Review for primary and 70% for second home-Path of least resistance

75% Financing for investment condos-Full Project review only

Typical Problem Areas:

• On site rental desks
• Short term rentals
• Maid Service
• Name contains words like resort, hotel, club
• Website promotes project as a hotel/resort
• More than 50% of units are rentals
• More than 10% of owners are delinquent with HOA dues
• Inadequate reserved and or insurance coverage

Lets be proactive together.
Get Iltis Lending Group involved as early as possible so we can eliminate last minute gliches.