David Wright is the Sr. Vice President, Residential Mortgage Lending Group at the Sanibel Captiva Community Bank

Condo Loan Qualify Tips

Residential Mortgage Lending has undergone dramatic reform in the past 20 months and perhaps no sector of the market has been more severely impacted than condominium financing, Florida condominium financing in particular.  The credit challenge can be daunting but it shouldn’t discourage you from buying a condo if a condo is what you want.  Following is the tip to help you obtain the condominium loan you desire

Underwriting guidelines allow for a “limited review” of a condominium loan application if the buyer is acquiring the property as a primary residence and puts 25% down.  Buying a second home, 30% earns you a limited review.  (Investment condo - don’t even bother trying to obtain a conventional conforming loan).

Limited review means the underwriter needn’t consider the condominium’s budgets or HOA delinquencies or review the associations insurance.  Of course they may but they are not required to.

Limited Review is so critical to condo financing approval we no longer process applications requiring full review.  We simply send the applicants away because we do not believe we can help.

If you have questions about our loan products or are curious about interest rates please telephone me at (239) 472-6100 or email dwright@sancapbank.com.

Anxious to begin enjoying your island retreat?  Apply on line at www.mortgage.sancapbank.com.

Thanks for reading this and I hope to speak with you soon.

David A. Wright
Sr. Vice President, Residential Mortgage Lending Group
Sanibel Captiva Community Bank
2475 Library Way
Sanibel, FL  33957
Phone (239) 472-6100
Fax  (239) 333-2957
Cell  (239) 209-1059