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Limited Review and Full Review – More About Financing The Purchase Of A Condominium

February 1, 2017 by Jensen & Company Leave a Comment

At Jensen and Company, we are always looking for ways to better educate perspective condo buyers by digging deeper into the the ways condos are classified and financed through major lenders like Fannie Mae. Ian Poor from Intermountain Mortgage has written another guest post for us explaining the difference between Limited Reviews and Full Reviews of perspective purchases.


The Condo Conundrum Part Two

By Ian Poor from Intermountain Mortgage

Park City and the surrounding areas offer a wide variety of condominium projects, everything from multimillion on-mountain units to one bedroom apartment style units out of town. Financing the purchase of a condo is not necessarily difficult but there are a few factors that should be taken into account. The following details can help prospective buyers and realtors alike as they evaluate different condo projects and the amenities they offer. This is the second installment of the Condo Conundrum. Part one covered the basics of Warrantable vs. Non-Warrantable condo projects. This installment covers Limited Reviews vs. Full Reviews.

When purchasing a condo, the condominium project is almost always subject to either a Limited Review or Full Review. Fannie Mae guidelines are the most common set of underwriting guidelines followed and they dictate whether a Limited Review (LR) or Full Review (FR) is required. The following is a summary of how each review is determined necessary.

Loan to Value (LTV) Factors:

When purchasing a condo as a primary residence, a LR is acceptable when putting down 10% or more, a LTV of 90% or less. When purchasing as second home or vacation property a LR is acceptable when putting down 25% or more, a LTV of 75% or less. When purchasing as an investment property the condo is always subject to a FR.

There are other factors that can change the requirement from a LR to a FR. As noted above a buyer putting 10% down on a primary residence would normally see a LR on the condo project. But if the project was new construction and not all units have been sold and closed this would require a FR. Also some underwriting waivers may be necessary to get an approval but could also require the FR instead of a LR.

Why is a LR better?

The LR requires less documentation and is a more simple process. The LR typically requires a condo questionnaire and review of condo insurance (and other standard items like an appraisal). The FR typically requires additional documentation such as governing documents (CCRs, bylaws), budgets, balance sheets, and sometime more in depth research of the project. If an HOA is running the condo project correctly and the governing documents are up to date a FR should not be an issue but the more documentation required the greater the chance an issue could arise.

Please contact Ian Poor and Rob Karz for specific lending questions.

 

intermountain-logo

Rob Karz and Ian Poor
Karz • Poor Resort Lending Group
Intermountain Mortgage Company
435-649-6660 Office
435-200-3161 Cell

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About Jensen and Company

Brad Jensen has been a top realtor since 1988. He is one of the most respected agents in Utah and would be happy to assist you in selling your home or buying a new home. It is Jensen and Company's goal to help make your real estate transaction as easy and stress-free as possible. Our blog has lots of great information and market intelligence to help you learn more about the Park City real estate market. Please contact us if you have any questions. We would be happy to assist you.

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  • About
    ▼
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    • Our Videos
    • Contact Us
    • Blog
  • Search
    ▼
    • Significant Sales
      ▼
      • Luxury Mountain Living
    • Featured Properties
    • Property Search
    • Most Recent Properties
  • Park City
    ▼
    • Buy in Park City, Utah
    • Sell in Park City, Utah
    • Park City Homes & Condos For Sale
    • Park City Real Estate
  • Deer Valley
    ▼
    • All Deer Valley Real Estate
    • Deer Valley Homes & Condos For Sale
  • Communities
    ▼
    • Old Town
    • Thaynes Canyon
    • Lower Deer Valley
    • Deer Crest
    • Upper Deer Valley
    • Empire Pass
    • Aerie
    • Prospector
    • Park Meadows
    • Canyons Village & Colony
    • Sun Peak | Bear Hollow
    • Silver Springs
    • Old Ranch Road
    • Kimball Junction
    • Pinebrook
    • Summit Park
    • Jeremy Ranch
    • Glenwild | Silver Creek
    • Trailside Park
    • Promontory Area
    • Jordanelle Area
    • Midway | Charleston
    • Heber City
    • Kamas & Marion
    • Huntsville – SnowBasin
  • Buy
    ▼
    • Deer Valley Real Estate
    • Park City Homes & Condos For Sale
    • Park City Real Estate
    • Deer Valley Homes & Condos For Sale
  • Sell
    ▼
    • Why Sell With Us
  • Discover
    ▼
    • Park City Events Calendar
    • Featured Attractions
    • Local Ski Resorts
    • Park City Local Vendors
    • Our Infographics/Resources