Miami-Home-loan-4U, and Element Funding, direct lending mortgage bank, added another money saving program to their offering. The Limited Project Review (LPR) options gives a condo buyer a way to decrease their initial financial outlay to get into a condo. Jim Carter, senior loan officer, reports on the details. So, let’s review how Miami-Home-Loan-4U may have a solution to help get buyers into condo units with less money.
Fannie Mae is increasing the LTV, and, the CLTV, ratio requirements for attached condo units in established projects under the Limited Review process. In doing so, Element Funding uses the Limited Project Review to make this work. What does that mean? It means it is a special guideline that allows a buyer to put down 10%, have a 1st loan for 75%, and a 2nd loan for 15%! It is Desktop Underwriting Dependent, meaning, it does receive an FNMA approval to confirm it is approved. Here are some features for you to consider:
- It is for attached condo units in established projects
- It is for a principal residence
- an attached unit in an established condo project, or
- A detached unit in a new or established condo project (including those projects with a mixture of attached and detached units).
- No condo questionnaire or budget requested
- Investors reviews the appraisal and need 51% owner occupied on an existing development or 70% under contract on a new development
- Qualifying debt ratios are 38%/45%
- Three credit bureaus trades, with the oldest originating at least three years prior to the credit bureau date
- No foreclosure, deed-in-lieu of foreclosure, short sale, or “real estate paid for less than full balance” within the last 5 years
- No bankruptcy filing within the last 8 years
- Owner Occupied and second homes
So, here is a flyer you can use to better explain and review this program:
So, if you or, anyone you know, is looking to find a Miami Home Loan, or a South Florida Home Loan,to purchase their own first time home, or to refinance an existing property, and would like help in getting their best financing solution call me, Jim Carter at Element Funding, at 305-525-6742. Your Miami Home Mortgage expert!