Steve and Lisa's Mortgage Morsels

Condominium Financing

March 9th, 2012 9:54 AM by Steve Iltis

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.

Posted in:General
Posted by Steve Iltis on March 9th, 2012 9:54 AM

Archives:

My Favorite Blogs:

Sites That Link to This Blog: