{"id":21172,"date":"2022-01-25T14:42:29","date_gmt":"2022-01-25T19:42:29","guid":{"rendered":"https:\/\/mortgagedepot.com\/?p=21172"},"modified":"2022-01-26T04:15:51","modified_gmt":"2022-01-26T09:15:51","slug":"non-warrantable-condo-projects","status":"publish","type":"post","link":"https:\/\/mortgagedepot.com\/non-warrantable-condo-projects\/","title":{"rendered":"Non-Warrantable Condo Projects"},"content":{"rendered":"<p><strong>Qualifying for a Limited Project Review To Streamline Your Condo Purchase <\/strong><\/p>\n<p>Getting a loan to <a href=\"https:\/\/mortgagedepot.com\/purchase-loan-programs\/\" target=\"_blank\" rel=\"noopener\">purchase<\/a> a condo is different than getting one for a single-family home. Truthfully, <a href=\"https:\/\/mortgagedepot.com\/condo-mortgages\/\" target=\"_blank\" rel=\"noopener\">condo mortgage<\/a> requirements have a reputation for being a bit more strict than the requirements for single-family home mortgages.<\/p>\n<p>Does this mean that you should take condos off your list? Absolutely not! At <a href=\"https:\/\/mortgagedepot.com\/\" target=\"_blank\" rel=\"noopener\">MortgageDepot<\/a>, we have a way to simplify your condo purchase with fewer requirements, leading to a fast approval process. The key to this is qualifying for a limited review.<\/p>\n<p><strong>Full Review vs. Limited Review<\/strong><\/p>\n<p>Under Fannie Mae and Freddie Mac, there are two processes for condo approvals: Full Project Reviews and Limited Project Reviews. Here&#8217;s what you need to know about each one:<\/p>\n<ul>\n<li><strong>Full Project Review:<\/strong> A Full Project Review requires a copy of the HOA budget, limits on <a href=\"https:\/\/mortgagedepot.com\/investment-properties-85-financing\/\" target=\"_blank\" rel=\"noopener\">investment<\/a> properties within the development, and strict borrower LTV requirements, among other things. They take longer, and borrowers must strictly adhere to the requirements to maximize their chances of approval.<\/li>\n<li><strong>Limited Project Review:<\/strong> This process requires less documentation than a Full Project Review, and the underwriting standards are more streamlined. And, here&#8217;s a little secret: Condos that undergo a Limited Project Review are often more likely to be approved for financing than those that go through a Full Project Review.<\/li>\n<\/ul>\n<p><strong>Our Path to a Limited Project Review<\/strong><\/p>\n<p>If you can get approved for your condo purchase with a Limited Project Review, it could mean the difference between scoring the condo you want or being denied at the mortgage desk. Fortunately, we have a plan! Here is our three-step process:<\/p>\n<ul>\n<li><strong>Step #1:<\/strong> Use a higher down payment to lower the LTV on your first mortgage to 75% to qualify for a Limited Project Review.<\/li>\n<li><strong>Step #2:<\/strong> Add a home equity loan or HELOC to fund your down payment and reach your 75% LTV goal.<\/li>\n<li><strong>Step #3:<\/strong> Enjoy a speedy approval process with minimal HOA documentation required!<\/li>\n<\/ul>\n<p><strong>Contact MortgageDepot Today!<\/strong><\/p>\n<p>If you have your eyes on a condo but are concerned about financing, we can help. Contact us today to learn about hassle-free ways to fund your next condo purchase!<\/p>\n<p>Connect with one of our\u00a0<a href=\"https:\/\/mortgagedepot.com\/loan-officers\/\" target=\"_blank\" rel=\"noopener noreferrer\">loan consultants<\/a><span>\u00a0to learn more.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Qualifying for a Limited Project Review To Streamline Your Condo Purchase Getting a loan to purchase a condo is different than getting&#8230;<\/p>\n","protected":false},"author":70,"featured_media":18185,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[187,122,191],"tags":[],"_links":{"self":[{"href":"https:\/\/mortgagedepot.com\/wp-json\/wp\/v2\/posts\/21172"}],"collection":[{"href":"https:\/\/mortgagedepot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mortgagedepot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mortgagedepot.com\/wp-json\/wp\/v2\/users\/70"}],"replies":[{"embeddable":true,"href":"https:\/\/mortgagedepot.com\/wp-json\/wp\/v2\/comments?post=21172"}],"version-history":[{"count":0,"href":"https:\/\/mortgagedepot.com\/wp-json\/wp\/v2\/posts\/21172\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mortgagedepot.com\/wp-json\/wp\/v2\/media\/18185"}],"wp:attachment":[{"href":"https:\/\/mortgagedepot.com\/wp-json\/wp\/v2\/media?parent=21172"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mortgagedepot.com\/wp-json\/wp\/v2\/categories?post=21172"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mortgagedepot.com\/wp-json\/wp\/v2\/tags?post=21172"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}