A condo can provide you with an affordable, convenient housing option, but financing a condo can seem challenging. You may have your eye on a new condo you would like to purchase, or you may be interested in refinancing a property that you already own. Many lenders have numerous requirements for condo financing that can make your property ineligible for some of the programs. While finding the right financing solution for condo projects can seem overwhelming and stressful, MortgageDepot is the New York mortgage broker you can trust to help you set up the financing you need. We currently offer a limited review program for condo projects that may be suitable for your needs.
What Is the Limited Review Program?
The limited review program for condo projects is suitable for condo purchases where the borrower intends to occupy the property as his or her primary residence. You can borrow up to 90 percent loan-to-value, and many condo buyers are interested in this program because of the loan down payment requirement. This program is designed for existing condo projects rather than new construction properties. There are special rules in place for the program that must be met. For example, the commercial space in the condo property cannot account for more than 20 percent of the total square footage in the building, and no single entity can own more than 10 percent of all of the condo units. These are just a few of the requirements that must be met in order to qualify for this program.
To Get Pre-Qualified
A limited review program provides you with a faster, easier way to get approved for a condo loan, and you may not need to provide as much documentation to the lender for underwriting. However, there are some rules and requirements that must be met in order for you to apply for this streamlined condo financing program. If you are looking for the right condo program to apply for, a great idea is to contact MortgageDepot to get pre-qualified. You can complete a short inquiry online or over the phone with one of our friendly representatives. By doing so, we can help you to determine if this program is ideal for you or if you would qualify for one of our other condo financing programs.
We are committed to helping you achieve your financing goals. If you need condo financing or financing on another property type, contact Cgap Inc., today.
To contact us by phone call 800-535-0270.