What's it take to finance a new condo?

Started by LookPied

over 16 years ago

Posts: 256

Member since: Mar 2009

Discussion about

Anyone out there recently closed on a new condo? What's the financing situation? Is the requirement 70% under contract? Is a 20% down payment sufficient? I talked to Bank of America a few days ago and they said for NYC they require 90% sold (with 51% owner occupied) in order to finance. I can't believe that it's gone up to 90%.

Response by Riversider

over 16 years ago

Posts: 13572

Member since: Apr 2009

Fannie/Freddie require 70% You are either mistaken or B of A is taking a stricter approach.

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Response by shong

over 16 years ago

Posts: 616

Member since: Apr 2008

Lookpied - looks like youve been misinformed. Truth is there arent many bofa loan officers that do new condos. I have been getting lots of condos approved with 51% pre-sale. Fannie Mae's standards are 70% pre-sale but I have gotten a majority of the condos approved at 51%. And most of my business is focused on new condos. sunny.hong@bankofamerica.com

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Response by dledven

over 16 years ago

Posts: 198

Member since: May 2008

Shong- their are only 3 options, the condo either paid for an exemption, or you are taking the loan FHA, or the lender is a portfolio lender and doesn't care about the Fannie 70% rule,

What's it take to finance a new condo?

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