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Today, we'll discuss condominium financing. There are two types of condo reviews: the full review and the limited review.

A full review occurs whenever someone wants financing that is as little as 5% down. Basically, the lender is responsible for viewing things like budget, the insurance policies, and the amount of reserves. It's a very exhaustive five-page questionnaire.


If you have more money to put down, you can do a limited review. This is a much less intrusive review with a one-page questionnaire. You can put as much as 25% down for a primary home, and 30% down for a second home.

A recent trend is to get a loan to value equal to 90% or more by doing a first and second loan, and using a streamline limited review. There are some advantages to this if you know that the condo won't pass the full review.

If you would like more information on condominium financing, give me a call or send me an email. I would be happy to help you!