Realtors Are Hungry for This Condo Strategy — And It Can Win You More Deals

https://www.youtube.com/watch?v=js1GVM9vZ5U

Summary

TL;DR — The discussion highlights a strategy for realtors to leverage recent changes in condo financing guidelines, particularly focusing on non-warrantable condos. AD Mortgage offers a solution for deals that don't fit Fannie Mae or Freddie Mac criteria, providing flexible underwriting and a streamlined review process. This strategy aims to help realtors close more deals by addressing common condo financing challenges.

Key points

• Recent guideline changes by Fannie Mae have made condo approvals more complex, often requiring full reviews.

• AD Mortgage specializes in non-warrantable condos, offering a 'limited project review' that bypasses the need for extensive condo documentation like budgets and full condo docs.

• Their product allows for exceptions on issues such as special assessments, insurance gaps (like windstorm or flood), and minimal litigation, making previously difficult condo deals possible.

• Key concerns for AD Mortgage's review include open permits and contractor liens, which can impair title.

• They offer flexible LTVs (up to 70-85% depending on investor/primary and location) and a minimum credit score of 620.

• The strategy involves realtors presenting this information to potential clients, positioning themselves as knowledgeable and capable of handling complex condo transactions.

Takeaway — Realtors can gain a competitive edge and close more deals by understanding and utilizing specialized lenders like AD Mortgage for non-warrantable condo financing, turning potential deal-breakers into opportunities.