New Condo Complexes/Phases Do NOT Have to Be Complete
Many loan officers and real estate agents mistakenly believe that condo projects and/or phases within a project must be complete before units within them are eligible for mortgage financing.
We, however, have an investor that offers new construction condo financing as long as only the building containing the unit is complete.
Again – neither the project nor the phase must be complete.
The only other requirement is that at least 25% of the units must be presold.
And, this is a Freddie Mac loan, so the maximum loan amount is $726,525 in the Bay Area and $484,350 in Texas.
Founder/Broker | JVM Lending
(855) 855-4491 | DRE# 01524255, NMLS# 310167