Finding it hard to finance your client's condo? Talk to us. We finance Non-Warrantable Condo projects. We can also help your condo project become FNMA eligible.
We all know how limited mortgage products have become in recent years, especially for condos. That's why we are offering signature, Non-Agency mortgage programs that target the special needs and requirements for Condominium buyers. Our proprietary program offers flexibility and fewer restrictions.
The highlights of our Condominium Loan Programs:
FNMA Warrantable Condo Projects
- No cap on investor concentrations
- Up to 97% LTV
- A single entity may own up to 10% of the units in a project
- Projects may use up to 20% of the total space for non-residential purposes
- Minimum 10% budget reserves
- Presale eligibility requirement for new condominiums is 70% Non-Warrantable Condo Projects Up to 70%
Non-Warrantable Condo Projects
- Up to 70% LTV, Minimum 700 Score
- Project may have up to 60% investor concentration
- A single entity may own up to 20% of the units in a project (must be a state, local or municipal agency) Budget reserves are acceptable to 8% HOA delinquencies counted based on 60 day delinquencies versus 30 days per FNMA
- Certain frivolous litigation may be considered on a case by case basis
Call to speak with a Condo Specialist today!