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CONDO TEL MORTGAGE LOANS

 Condo-Tel 
  Owner Occupied/Second homes ONLY !

 Condo-Tel
  Construction must be 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