Non Warrantable Condos

·         Owner Occupied/Second homes

·         2nd home must be located in vacation/resort area

·         Rental Income is ok if allowed by HOA

·         Must have full kitchen and separate bedroom

 

Non Warrantable Condos

·         Construction completed including streets and driveways

·         Condo Questionaire required

·         HOA must have adequate reserves (case by case based on project)

·         No budget deficiencies

·         No structural or environmental issues

·         No pending litigation against HOA or Builders

·         Max LTV 65% / max DTI 43% / 740 MINIMUM CREDIT SCORE

·         Loan amounts to 100,000 to 1,500,000

·         35%  percentage of commercial use, investor concentration, Owner   OCC  2nd homes are acceptable

 
 

     
     
     
 
Condo-Tels
 
Non-Warrantable Condos
 
Primary Residence & Second Homes
 
30 YEAR FIXED / 15 YEAR FIXED / 5 YEAR ARM / 7 YEAR ARM
 
Condo-Tels  /Non- Warrantable Condos / LTV’S
 
100,000- 1,500,000 LOAN AMOUNTS / 65% LTV / MINIMUM CREDIT SCORE 740
 
 
 
 
 
Primary Home Reserve Requirements / Condo-Tels / Non-Warrantable Condos
6 Months PITI Required For Primary Homes / plus 6 months PITI Required for each additional property that is financed / 50% Of Reserves must be Liquid Funds
 
No more than 50% of total reserve requirements may come from retirement accounts (including 401K, IRA, SEP, and Keogh).
 
 
2nd Home Reserve Requirements / Condo-Tels / Non-Warrantable Condos
 
18 Months PITI Required For 2nd HOMES / plus 6 months PITI Required for each additional property that is financed / 50% Of Reserves must be Liquid Funds
No more than 50% of total reserve requirements may come from retirement accounts (including 401K, IRA, SEP, and Keogh).
 
 
 

 
Non-warrantable Condominium Projects  / Restrictions
 
Expanded  Criteria
Commercial Space ≤ 35% of project total space
Single Entity Ownership ≤ 20% of total units in project

 
 
Ineligible Properties
Properties with less than 750 Sq. feet of living area
 
Timeshares

DANIEL PARIS
APPLY ONLINE AT www.utahlowrate.com
 
Professional Mortgage Loan Specialist
Christian Roberts Mortgage

512 E Winchester Plaza
Murray, UT 84107
 
(801) 604-4949 mobile 
(801) 716-5237 office 
(888) 880-3472 direct fax 
danparis02@hotmail.com