Condo Financing

When it comes to local knowledge and local decisions on condo financing – go with the people you know! At Supreme Lending, condo financing is not a “side gig.” We have a dedicated team of experienced professionals who focus on project review and bring years of condominium financing expertise to the table for you. We offer competitive rates and terms plus first rate service you can depend on.

Program Highlights:

  • 10, 15, 20, 25 & 30 Year Fixed Rate Terms Available
  • Up to 97% LTV on Primary Homes
  • Up to 90% LTV on Second Home
  • Up to 85% LTV on Investment Homes
  • Limited Condo Review on Primary Homes up to 75% LTV/90% CLTV or 70% LTV/75% CLTV on Second Homes Based Upon Credit Qualifications

Supreme Highlights:

  • We take a look at the legal description on the title to determine property type
  • We have an entire department focused on project review and condo financing
  • We offer multiple condo financing options and work to clear exceptions to achieve warrantable status
  • Files that do not require the review are done in about 48 hours and close within our 22 day average.
  • Loan amounts from 40k – 2M
  • Fixed rates and ARM’s

Investment Property

A real estate property that is not occupied by the owner and has been purchased with the intention of earning a return on the investment either through rent, the future resale of the property, or both. An investment property can be a long-term endeavor, such as a rental home, or an intended short-term investment in the case of rehabilitation (where a property is bought, remodeled or renovated, and sold at a profit).

Advantages:

  • Capital growth
  • Rental income and yield
  • May be tax shelter deductible*
  • Build wealth

*Supreme Lending is not a licensed CPA or Tax consultant and therefore, cannot determine if your mortgage interest will be eligible as a tax deduction per IRS code. You are advised to contact a tax professional. This in no way implies you are guaranteed a tax credit.

Primary Residence

A person’s primary residence is the dwelling where they live, typically a house or a condo. A person can only have one primary residence at any given time, though they may share the residence with other people.

A primary residence is considered as a legal residence for the purpose of income tax and/or acquiring a mortgage.

Advantages:

  • All interest on the mortgage may be tax deductible*
  • Establishes credit history
  • Secured investment
  • Builds equity
  • Can be used to borrow against
  • Gift funds are allowed
  • *Supreme Lending is not a licensed CPA or Tax consultant and therefore, cannot determine if your mortgage interest will be eligible as a tax deduction per IRS code. You are advised to contact a tax professional. This in no way implies you are guaranteed a tax credit.

Second Home

A second home refers to private ownership of a residence other than one’s primary residence. Depending on their purpose, second homes are sometimes called vacation homes or secondary residences. The property must be available for your exclusive use and enjoyment and must not be subject to any rental pools or long-term leases.

Advantages:

  • Buy the home now while employed and retire in it later
  • Build wealth with additional equity
  • Similar terms to primary residence loan

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