Due to recent changes to Conventional mortgage guidelines, I can help even more buyers qualify to purchase a condo should they desire to do so. Here are the changes:
1. Have a condo where one person owns more than 10%? Did you know that the single-entity ownership requirement can be waived when the purchase transaction will result in a reduction in the single-entity ownership concentration (maximum single entity ownership 49%, no delinquent dues, no pending or active special assessments) If our loan is not a purchase reducing the single entity ownership we will allow up to 20% of the project to be owned by one person.
2. Commercial percentage can now be 35% instead of 25%!
3. Pending litigation is usually okay! Call me when any pending litigation you have…
4. Last but not least on USDA loans DO NOT require the condo to be FHA approved. There are other ways to approve a project for USDA condo financing. Ask Me how.