Keywords: Condo project review; Full review; Limited Review; HOA Questionnaire
Do you know anything about Condo Project Review (or HOA Questionnaire)?
When you want to buy a new house which the type is a condo or doing a refinance using the condo which you have owned, How to distinguish between full review and limited review?
First of all, we need to know what Condo's categories are.
From the point of view of construction in progress, Condos can be divided into New condo and established condo; From a structural point of view, Condos can be divided into Attached condo and Detached condo.
According to different types of condo and different Mortgage transactions, there are several review methods as follows:
|
Progress |
Type |
|
Project Review Method |
Review |
|
Attached |
New |
|
|
Full Review |
|
Established
|
|
Not meet Limited Review criteria |
||
|
Out of Florida |
1.Primary: LTV/CLTV/HCLTV ≤ 90% 2.Second: LTV/CLTV/HCLTV ≤ 75% 3.Investment: LTV/CLTV/HCLTV ≤ 75% |
Limited Review |
||
|
In Florida |
1.Primary: LTV/CLTV/HCLTV ≤ 75%,90%,90% 2.Second: LTV/CLTV/HCLTV ≤ 70%, 90%,90% 3.Investment:LTV/CLTV/HCLTV≤75%,90%,90% |
|||
|
Detached |
New |
|
|
Review waiver |
|
Established |
|
|
|
Progress |
Type |
|
Project Review Method |
Review |
|
Attached |
New |
|
|
Full Review |
|
Established
|
|
Not meet Limited Review criteria |
||
|
Out of Florida |
1.Primary: LTV/CLTV/HCLTV ≤ 90% 2.Second: LTV/CLTV/HCLTV ≤ 75% 3.Investment: LTV/CLTV/HCLTV ≤ 75% |
Limited Review |
||
|
In Florida |
1.Primary: LTV/CLTV/HCLTV ≤ 75%,90%,90% 2.Second: LTV/CLTV/HCLTV ≤ 70%, 90%,90% 3.Investment:LTV/CLTV/HCLTV≤75%,90%,90% |
|||
|
Detached |
New |
|
|
Review waiver |
|
Established |
|
|
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Post time: Jan-20-2022