Condominium lending can often seem fraught with complications, leaving many Mortgage Loan Originators to focus strictly on houses. This is a mistake as condos make up a sizeable chunk of already existing home. They also continue to be a go-to for first-time buyers looking to realize their dream of homeownership.

Homebridge has long recognized the need to support these buyers and provide all of our Mortgage Loan Originators with the financial products, team support and dedicated processing infrastructure to close every condo purchase successfully.

THE SOLUTIONS TO HELP YOU CLOSE CONDO SALES

The Homebridge on-site staffing for FHA includes single unit approval, DELRAP, jumbo, Fannie Mae, Freddie Mac and condominium reviews for VA financing. We provide flexible financing options to meet clients’ needs or to assist in selling units in a condo development. Those options include:

  • Extended rate locks
  • Float-down options
  • Reduced pre-sale opportunities for approved new constructions

In addition, our dedicated underwriting team assists in project approvals for condo developments. Together with other operation members, they help get FHA/VA or conventional approvals, increasing the pool of buyers in a given market.

For each of those interested buyers, our MLOs have a wealth of programs to ensure financing, no matter the need. Needs such as:

  • Jumbo financing for investment, primary or second-home purchases
  • Flexible FICO requirements
  • Higher debt-to-income ratios
  • Gift funds usage towards down payment*
  • Business funds for down payment/reserves
  • VA jumbo financing

NEW TO CONDO LENDING PROCEDURES

Condo lending can put up unique barriers for lending. For MLOs who are unsure where to begin, the Homebridge condo department’s extensive knowledge of condo finance can help. They’ll work to navigate MLOs through the maze and find solutions to overcome loan roadblocks – that includes non-warrantable condos.

We have experience with PERS, PEW, and in making a project warrantable for future loans through work with HOAs.

With the Homebridge dedicated builder division’s assistance, MLOs can work on new construction conversions with a special 0% pre-sale product for conventional loans. That, in addition to conventional condominium approvals with up to a 1-year expiration date (without requiring additional reviews), and you can hit the ground running with new builder opportunities as well.

With our database with over 8,000 condominium and co-op records, our team has the information MLOs need to get started.

CONDO SUPPORT FOR THE LOAN PROCESS

Speaking about the need for highly skilled condo operations, Kim Jones, our vice president of project standards, stressed that, “A strong borrower doesn’t mean a strong project. It takes a special skill set and experienced underwriting, but we always make the correct decision when it comes to analyzing the condo project for our sales partners.”

Part of our condo team’s strength lies in their ability to answer questions, help review litigations and mitigate budgets to help MLOs close condo deals – all with quick response times. The team contacts the management agencies daily to obtain the necessary documentation to make the right decision. And because questionnaires are not mandatory for conventional condo financing, we can make the process even faster.

No specialty certifications are needed, so with our superior level of support MLOs can start offering condo options to interested buyers from day one.

GETTING STARTED WITH CONDO LENDING TODAY!

Homebridge is a leading national lender providing a full array of home loan programs, including condo options and project approval services. We can help streamline the process to help get you results.

Alleviating the paperwork and hassles, we help you focus on what you do best: developing your business and strengthening your relationships with customers. The Homebridge on-site staffing can expedite the approval process to help you close transactions fast, and with over 30 years of condo experience, they can present unique financing options for your buyers.

Contact us today to join the Homebridge family and create the foundation you need to build your business.

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