Your friends at MortgageDepot are pleased to announce new conforming conventional condo financing guidelines. Now we can qualify more clients for condo financing with fewer hassles.
Lower pre-sale requirements for new builds
Our pre-sale requirement for condos under construction has been lowered to 50%, bringing them in line with our other investor guidelines. Previous guidelines required some new builds – or within a certain legal phase – to reach 70% presale before a lender could close a loan in the project.
Minor litigation acceptance
Minor litigation matters involving condo management and owners are all too common, but it may be acceptable when the claimed amount is unknown. This is provided that it does NOT involve the following matters:
- Structural soundness
- Functional use
Higher single-entity ownership percentages
If you’re selling units in a project with 21 or more units, here’s some good news. Up to 30% of the units can be owned by a single entity.
Higher non-residential space percentages
We’ve bumped up the numbers for commercial space allowances, too. Now, the total square footage of non-residential space within a condo project or building – including all commercially-dedicated parking – may be up to 30% of the total. This is a 5% improvement over our previous 25% allowance. Additional requirements apply.
To learn more about our condo enhancements contact our office for more details.
Contact us today for a FREE consultation at (800) 535-0270