Loans on condominium properties for persons who will not owner occupy are no longer available at any loan to value.
Equity loans on investor owner (non-owner occupied) are no longer available at any loan to value.
Condominiums that would not be owner occupied have only access to local bank financing on commercial terms. Equity loans on investor owned properties are now only available through local bank financing on commercial terms.
On any residential investment property purchase, a minimum of 20% down payment is now required. On any condominium owner occupant purchase, a minimum of 10% down payment is now required.
Significant changes regarding corporate ownership of investment residential property, number of investment residential properties that are allowed and credit standards for investment residential property loans have also taken effect.
For a brief presentation and "cheat sheet" on these new requirements, please contact Douglas at 713-524-1850 ext. 220 or at dhord@douglashord.com
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