Qualifying For Condominium Portfolio Loans California

This BLOG On Qualifying For Condominium Portfolio Loans California Was UPDATED On November 28th, 2017

California is one of the largest states in the United States. The Gustan Cho Team at USA Mortgage are California Direct Lenders with no lender overlays on government and conventional loans on Condominium Portfolio Loans California. We are also correspondent lenders of Condominium Portfolio Loans California as well as 20 other states.

  • Many countries in the world is not as large as California
  • Condominium Financing is considered much more riskier than single family homes
  • For home buyers who want to purchase a condo with a FHA Loan, the Condo Complex needs to be FHA Approved
  • Same with VA. Veteran Borrowers who want to purchase a condo needs to purchase in a condo complex with a VA Loan
  • To purchase a condo with a conventional loan, the condo needs to be a warrantable condo

The Gustan Cho Team at USA Mortgage are correspondent lenders on Condominium Portfolio Loans California and 20 other states.

Warrantable Condos Versus Non-Warrantable Condominiums

Warrantable Condos are condominiums where 51% or more of the occupants of the condo complex are owner occupants.

  • If the condo complex consists of less than 50% of the occupants as non-owner occupants, then it is considered non-warrantable condos
  • Fannie Mae and/or Freddie Mac will not purchase non-warrantable condo loans on the secondary market
  • Non-Warrantable Condos can only be financed with Porfolio Loans

Porfolio Loans California

  • The state of California is one of the most populous states in the U.S.
  • California also have one of the housing values in the country and thousands of condominium complexes
  • Qualifying For Condominium Portfolio Loans California is often more difficult than qualify for single family home loans
  • Reason is because most mortgage lenders consider condominiums riskier than single family homes
  • The Gustan Cho Team at USA Mortgage is California licensed direct lender with no lender overlays on government and conventional loans

We also are also Condominium Portfolio Lenders.

As The Gustan Cho Team at USA Mortgage is approaching the end of the year, and working to close loans out by Dec. 31st , w are getting prepared for another banner year for 2017 and trying to get a jump start into 2018  with our Condominium Portfolio Loans:
  • Condotel Financing
  • Jumbo Condominium Portfolio Loans California
  • Nonwarrantable condo mortgage loans
  • Other portfolio loans mortgage products such as non-qm loans and bank statement loans
 Please consider using The Gustan Cho Team at USA Mortgage as the preferred Condominium Portfolio Lender of Choice.

Asset Depletion Mortgage Loan Program

  • 680 Minimum FICO Credit Score
  • No Required Pledged Funds
  • Can be Combined with Wage or Fixed Incom

Jumbo Mortgage Loans

We also have California Condominium Jumbo Mortgage Loans

  •  80%  Loan to Value, LTV
  • Up to 1.5 Mil lion loan amount
  • 75%  Loan to Value, LTV,  up to 2.0 Million Loan Amount
  • 65% up to 3.0 Million Loan Amount

Non-Warrantable Condo Financing

Non-Warrantable Condos are condominium units in a condo complex that do not conform to Fannie Mae and/or Freddie Mac Guidelines.

  • Any condo units that is in a condo complex that has over 50% non-owner occupants are considered non-warrantable condos
  • Fannie Mae and Freddie Mac will not purchase non-warrantable condos
  • California Condominium buyers who need financing on non-warrantable condos need to go with a lender that does Condominium Portfolio Loans

Here are the Non-Warrantable Condo Financing Requirements:

  • Buyers need to put 20% down payment
  • 80% Loan to Value,  LTV,  up to 625,500
  • 75%  Loan to Value, LTV,  up to 1.5 Million loan amount (Primary home or Secondary home/Vacation Home Units)
  • Investment condotel, nonwarrantable condos, and portfolio loans have maximum loan to value caps at 60% of appraised value so 40% down payment

Condo Hotel Financing

Condo-Tels or Condo Hotel Units are condominium units in a Hotel such as the Marriott, Hyatt, or other Hotels.

  •  75%  Loan to Value, LTV,  up to 1.5 Mil (Primary home or Secondary  Home/Vacation Home condotel units)
  • Investment  condotel units (maximum loan to value,  LTV, is 60%)
  • With condotel mortgage loans, the condotel project needs to qualify
  • By qualification, the condotel unit needs to be at least 500 square feet, have at least one bedroom, have a functional kitchen with a full sized refrigerator and dishwasher
  • The condo hotel project needs to be structurally and financially sound with no major building/structural violation and no pending major litigation or verge of bankruptcy
  • Reserves by the condo hotel homeowners association is required
  • Minimum loan amount is $100,000
  • Condotel mortgage loans are now offered throughout the United States 

Cash Out Refinance Mortgage Loans

  • Up to 1.0 Million Cash in Hand
  • 680 Minimum FICO Credit Score / up to 75% Loan to Value,  LTV 

How Fast Can Condominium Portfolio Loans Close

  • Ability to Close Loans in Two Weeks from the date of signed mortgage application and approval of the condo hotel project

30 Year Condotel Mortgage Loans

USA Mortgage offers 30 year condotel, non-warrantable condos, and condominium portfolio loans California as well as in 21 other states in the United States.

  • They are 3 year, 5 year, 7 year adjustable rate  ( ARM ) condotel, nonwarrantable condos, and portfolio loans amortized over 30 years
  • The index is based on the Cost Maturity Treasuries ( CMT – One year treasuries ) and the margin is fixed at 3.0%
  • The adjustment mortgage rate cannot be lower than the starter rate

Please contact Gustan Cho NMLS 873293 at 262-716-8151 or email use at gcho@usa-mortgage.com. We are available 7 days a week, evenings, weekends.

The information contained on Gustan Cho Associates website is for informational purposes only and is not an advertisement for products offered by The Gustan Cho Team @ Gustan Cho Associates or its affiliates. The views and opinions expressed herein are those of the author and/or guest writers of Gustan Cho Associates Mortgage & Real Estate Information Resource Center website and do not reflect the policy of Gustan Cho Associates Lenders Network, its officers, subsidiaries, parent, or affiliates.

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