CALIFORNIA CONDO MORTGAGE LENDERS

CALIFORNIA CONDO MORTGAGE LENDERS

CALIFORNIA CONDO LENDERS OPTIONS

CALIFORNIA CONDO LENDERS PROVIDE:

  • Loan Closings in as little as 21 to 30 days.
  • We offer same day free same day pre-approvals!
  • 48 hour underwriting.
  • We follow Fannie Mae underwriting guidelines and don’t add additional loan requirements like many CALIFORNIA banks do!
  • We see out necessary information to determine if the CALIFORNIA condo mortgage will qualify for financing up front within 1 to 5 days so you don’t waste money on a CALIFORNIA condo inspection and appraisal if it doesn’t qualify.
  • Many years combined experience working with national CALIFORNIA condo mortgage lenders.
  • We work for you and only get paid when we’re successful condo mortgage closes! In most cases, our fees are paid by the CALIFORNIA condo mortgage lender so clients have no out of pocket expenses for loan origination costs.
  • We don’t just offer the normal CALIFORNIA condo mortgage loan programs like most banks do, We offer ALL CALIFORNIA condo mortgage loan programs available and we offer them without the additional underwriting requirements and loan limitations that other CALIFORNIA mortgage lenders may have.
  • We’re your direct access to many nationwide wholesale CALIFORNIA condo mortgage Lenders.

CALIFORNIA CONDO LENDERS CONDOS GET TURNED DOWN BECAUSE:

  • Won’t accept the master condo Insurance policy.
  • Require 20% down payment.
  • Require at least 51% be owner-occupied & second homes.
  • Is listed on their not lend list.
  • It’s a Non-Warrantable condo or a Condotel.
  • If you have the CALIFORNIA condo association budget and the condo questionnaire already completed please email it to us for approval.

CALIFORNIA CONDO LENDERS DOWN PAYMENT REQUIREMENTS

CALIFORNIA condo mortgage applicants will find that a mortgage loan approvals on a CALIFORNIA Condo is more complex than purchasing a single family house, townhouse or villa. With CALIFORNIA condos there are additional requirements for these CALIFORNIA mortgage transactions. The California Condo association must be approved via condo association questionnaire before you can secure CALIFORNIA condo mortgage approval.

If the condo is on the FHA Approved List you can purchase the condominium as a primary residence with a 3.5% down-payment.

FANNIE MAE CONDO DOWN PAYMENT
Primary Condo Residences Down payment: 5%
Second Condo Homes Down payment: 10%
Investment Condo Property Down payment: 10%

For Fannie Mae not Approved CALIFORNIA Condos purchases, typically the minimum down payment is 25%.

We encourage that you put more money down so that we can waive the project approval requirements.

LIMITED REVIEW CONDO DOWN PAYMENT
Primary Condo Residences Down payment: 25%
Second Condo Homes Down payment: 30%
Condo Questionnaire: Not Required
Budget Review: Not Required

CALIFORNIA CONDO LENDERS REVIEW PROCESS

A California Condo Limited Review Lender process used by CALIFORNIA Condo mortgage lenders on properties for CALIFORNIA condo approvals. A full review can take time and can be costly and if the CALIFORNIA condo mortgage underwriter finds any flaws in the condo association’s financials and or if there are litigation issues, the CALIFORNIA condo mortgage loan applicant may get their condo mortgage loan application denied. Getting a CALIFORNIA Condo mortgage on a CALIFORNIA condo with the limited review is the way to go for projects not approved by Fannie Mae.

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