A limited review condo approval means that when you get a mortgage to purchase a condominium you don’t have to go through the normal extensive document review to approve the condominium. You must have an approved condo to get a mortgage approved to buy a unit in the building. The approval review is more limited/abbreviated with a limited review condo approval.
To be eligible for a Limited Review, the condominium must be an attached unit in an established condo project.
And there are maximum loan to value requirements for different occupancy:
Principal residence 90% maximum loan-to-value
Second home 75% maximum loan-to-value
Investment property 75% maximum loan-to-value
There are a few other variables to consider, and mortgage guidelines have the ability to change at any time. So, always talk to a well-reviewed mortgage loan officer to make sure you understand the current guidelines and how they might apply to you.
Brian Martucci is a loan officer for Capital Bank Home Loans, a division of Capital Bank, N.A. He has been in the mortgage industry since 1986 and has served in a number of roles, including loan processor, loan officer, mortgage broker, branch manager, and vice president. Brian Martucci – NMLS# 185421. His opinions do not necessarily reflect the opinions and beliefs of Capital Bank Home Loans or Capital Bank. Capital Bank, N.A.- NMLS# 401599. Click here for the Capital Bank, N.A. “Privacy Policy”.
