February 28th, 2014 7:40 AM by Taydus Taydus
FINALLY A NEW PRODUCT THAT BENEFITS THE BUYER
In the past it was difficult if not impossible to finance an owner occupied condominium where the owner occupancy was below 50%.
There are several lenders that will do non-warrantable condominiums but the rates are typically higher and they will only do adjustable rate mortgages on these properties.
* Kiddie Condo is the term used for a condominium that is owned by the parents and occupied by their son or daughter who is typically a student.
** A non-warrantable condominium is one where the owner occupancy is below 50%The above information was provided by:
Joe Taydus Mortgage Banker
Mutual Security Mortgage
2129 13th Street, Boulder, CO 80302
NMLS# 309188 CO Lic # 100017955
C: 303.514.1151 F: 303.496.1115
Five Star Award Winner 2010, 2011, 2012
-For exemplary customer service and client satisfactionThe above example is for Owner Occupied and Second Home purchases. For Investment Property purchases, please contact Joe for more information.