UPDATE 11/2/2020 – Program suspended until further notice.
In many cities and towns across California, condominiums are a popular and affordable housing choice. New construction condominiums
In 2018 alone, over 53,000 new construction condos were sold across the United States.
Are you in the market for a New Construction Condominium? Up until now it has been one of the hardest scenarios to get purchase money loans for our clients. Well, things just got a lot easier!
We now have a purchase loan for you! Key Differentiators: 1) We only need 25% pre-sale requirement (most lenders need over 50% of units to be complete and sold), 2) We only need the building your unit is in to be complete – not the entire complex and 3) there is no pricing hit for non-warrantable condos! Sweet!!!
3 Important Features to our New Construction Condominium Mortgage Product
- 25% pre-sale requirement
- We only require that 25% of the units in the complex have been sold. Most lenders still require 50% of the units to be sold. For new complexes, this is really important.
- Less building completion requirements
- We only require that the building your unit is in is complete.
- Most lenders have to wait until all buildings are complete. This is huge!
- We have no pricing adjustment for the interest rate, making us more competitive
- Most lenders have a huge rate adjustment for non-warrantable condos. We don’t!
If you are in the market to buy a condominium in a new community in Southern California, call Bill Lewis at Choice One Mortgage today.
We may be the solution to your financing needs! Click on the image below to see our Condo Flyer!