Updated Condotel, Nonwarrantable Condos, And Portfolio Loans Guidelines And Mortgage Qualification Requirements

As we’re approaching the end of the year, and working to close loans out by Dec. 31st  and are getting prepared for another banner year for 2014 and trying to get a jump start into 2014 with our condotel, nonwarrantable condos, and portfolio loans mortgage products. –
Please consider using me, as you portfolio lender for condotel, nonwarrantable condos, and portfolio loans if any of your loan scenarios could benefit from the following :

Asset Depletion Program

– 680 Minimum FICO Credit Score / No Required Pledged Funds / Can be Combined with Wage or Fixed Income.

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

– 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.

Condo-Tel units

 – 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

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

Service

– 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

I offer 30 year condotel, nonwarrantable condos, and portfolio loans 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 me at 262-716-8151 or visit me at www.gustancho.com if you are looking for a condotel, nonwarrantable condos, and portfolio loans.

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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