I had reported back in July of this year that VanDyk started warranting condos as a means of opening up the Florida condo market to another sector of buyers. Here’s the link to that post that contains more of the condo financing details.
But as every pitchperson in the history of infomercials says, “But wait, there’s more!”
Some of the guidelines have gotten a little tighter for other types of loans, and justifiably so. However, while common sense underwriting does exist, it is the down payments that are typically the challenge for many home buyers. So as an update…for our condo loans, we have lowered the down payment requirements! Here are the new and improved numbers for condos:
- Down payments for primary, owner-occupied properties: reduced from 10% to 5%
- Down payments for second homes: reduced from 20% to 10%
- Down payments for investor properties: reduced from 35% to 15%
Call or email me if you have any questions about what these percentage shifts mean to your mortgage approval eligibility.