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!