With over 20 years of lending experience, I have gained expertise in first-time homebuyer loans, FHA, VA, MassHousing, Equity Lines, and even options that do not require Mortgage Insurance. Backed by the strength of Leader Bank, I am also able to offer additional financing options such as Construction, Renovation, and Bridge loans. What sets me apart is my dedication to the highest level of customer service. My primary goal is to ensure that my clients receive the best possible solution for their lending needs now and in the future. My clients also know that I’m available 7 days a week, at all hours of the day, for when a question comes up that needs an answer right away. Behind me is a seasoned team of mortgage professionals eager to assist along the way, making the loan process as smooth and painless as possible. Whether you’re remodeling, refinancing, or looking for your dream home, I’m looking forward to helping you meet your goals!
Effective June 5, 2018, Fannie Mae announced a bunch of updates to their condo project guidelines which loosen the requirements for warrantable condos.
Highlights are as follows:
1. Single Entity Ownership – Single-entity ownership in projects with 21 or more units increased to 20%.
- 2-4 units projects – no max or restrictions
- 4-21 unit projects – max single entity ownership remains at 2 units max (no change in this segment)
- 21+ plus unit projects – single entity ownership is capped at 20% (increased from 10%)
- Also note that we can go up to 49% single entity ownership anytime we are REDUCING current single entity ownership via a purchase transaction.
2. Commercial Space – Increase commercial space to 35%.
3. Investment Property Transactions – Allow investor transactions to be eligible for Limited Review for LTV, CLTV, and HCLTV to 75%
- There are no occupancy rep and warrant requirements with a Limited Review. Therefore, if you are eligible for a limited review on an investment, there is no longer a 51% O/O requirement…the project can technically be 100% investment owned and FNMA will still purchase the loan.
- On top of the occupancy relief, a limited review does not require a review of any budget/financials, etc. as well
4. Two- to Four-Unit Condo Projects – Waive project review requirements, with the exception of some basic requirements that apply.
- No project review means no owner occupancy or single entity ownership requirements AT ALL. You can lend on a project where one entity owns 3 out of 4 units as an investment and your borrower can purchase the 4th unit as an investment as well with the end result being a 4 unit project 100% investment owned and one entity owning 3 out of the 4 units. Crazy!
- No gut/non-gut conversion requirements will apply on 2-4 unit projects – no engineer/architect reports, etc.
- The “basic requirements” that all 2-4 units projects still need to adhere are straightforward and described below and cannot be an “ineligible project” – Houseboat, condotel, timeshare, etc.