Condotel and High Rise Loans

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

Owner Occupied and Second Home (Will NOT be rented out)
10% down w/ 740 score. No Mortgage Insurance (MI)
15% down w/ 680 score. No MI.
45% Maximum Debt to Income (DTI) ratio

Investment Properties (Can be rented out)
20% down w/680 score. No MI.
43% Maximum Debt to Income (DTI) ratio

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

• Minimum Loan Amount $100,000
  
• Must be at least 475 sq ft with a full kitchen. All kitchens must have a minimum of 14 cu. ft. refrigerator, 2 burner cooktop, oven and sink)
• No 30-day mortgage lates in the last 12 months
• 5/1 and 7/1 Adjustable and 30 Year Fixed Rate.
• 100% gifts funds are permitted if the gift is from a family member. 5% borrower contribution required otherwise.
• 24 months 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.
• 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.

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