We help get your condo loan without a condo cert!
Get through the hassels on your condo loan with 25% down
There’s a good chance there’s going to be an issue when it comes down to borrowers getting a purchase loan or a refinance on a condo. Qualifying for a loan with current underwriting requirements is very tough, getting a loan for a condo… some lenders simply look away. This leaves qualified condo owners that are looking to refinance stranded and competent buyers frantic to find a lender that can help save their accepted purchase from falling apart.
The main reason why lenders shy away from condo’s is because of Fannie Mae and Freddie mac restrictions, which not only qualify the potential owner but also the Home Owner Association (HOA). The verification of a condo cert, pulled by lenders reveal facts that can disqualify a project from financing. Here are a few common underwriting guidelines lenders look for in a condominium project:
- More than 50% of the units in the project must be owner-occupied.
- 10% of the units may not be owned by one owner
- There may not be more than 15% of condo owners that are delinquent in condo dues.
- The condo is 100% complete if the condo is newly built
- Down payments less than 25% increase the interest rate
If you have run into a situation as broker, agent or buyer please get in touch with us to get pre-approved and take advantage of our solution to get a condo purchase loan on your purchase or refinance.
Why else you should get your condo loan with us?
- Get the most competitive mortgage rates in Los Angeles and the entire state of California.
- We understand that lending should not come with extra headaches of high costs, we make sure to give options that will minimize the closing costs for you.
- Refinance today and lower your mortgage insurance payment or see if you qualify to eliminate it completely.
- Our underwriters and processors are based in Los Angeles making our loan process more efficient than ever.
