Condotel and High Rise Loans

 Condotels – High Rises – Non-Warrantable Condos (meaning not approved by Fannie Mae) 

15% down w/ 660 score   *   20% down w/ 620 score   *   Up to 1.5M Loan Amount

25% down w/ 620 score up to 1.75M Loan Amount  *  30% down w/ 620 score up to 2M Loan Amount

Transactions allowed: Purchase, Rate term Refinance/Delayed Financing, Cash out Refinance.

• Minimum Loan Amount $100,000
• No 30-day mortgage lates in the last 12 months
• 30 year fixed or a 5/1 ARM is also available.
• Up to 6% seller contribution is allowed
• Maximum DTI 43%
• 24 month must have elapsed since your Bankruptcy discharge or dismissal, Short Sale, Foreclosure, or Deed in Lieu.
• 6 to 9 months of the payment amount must be in your bank or retirement account at close of escrow as reserves.
• Condotels and High Rises. Units must have a full kitchen and a separate bedroom. No studio financing.
• We need an HOA Cert or some documentation to determine if the development can be financed. It must contain the percentage of renters vs. owners, the HOA budget, percentage of people late on their HOA dues, any litigation on the project, etc
• Cash out refinances require a 640 score and 80LTV maximum. Maximum cash out is $350,000.

702-326-7469 – talk/text          Email: DSherbondy@AllWestern.com