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5% Down Conventional Condo Purchase up to $625,500; Owner Occ. Ratio; Lender Credit for Closing Costs

This is another reminder that Fannie Mae now offers 95% Loan-Value-Financing for High Balance loans up to $625,500 (we alluded to this yesterday too).

This is especially important for the many condo buyers with limited cash. Most condo complexes are not FHA approved, so most higher-end condos were off limits to buyers with limited cash.

A condo buyer can now use conventional financing to purchase a $650,000 condo with only $32,500 down.

Another reminder: If the buyer is especially tight on cash, we can increase the rate by ¼ to ½ percent and offer a lender credit for closing costs.

Final reminder: Owner occupancy ratios are irrelevant if the buyer is buying as an “owner occupant.”

Jay Voorhees
Founder/Broker | JVM Lending
(925) 855-4491 | DRE# 01524255, NMLS# 335646