What is the Condo Limited Review? Well, it may just save your Deal

Mortgage and Lending with www.DaveYourMortgageGuy.com - Legend Lending NMLS #293883

We all know condo financing has gotten ridiculously hard.  Few are FHA Approved, taking out the FHA mortgage option for someone buying a Condo.  So that leaves us with the Conventional loan route.  But many lenders and mortgages require an owner occupancy of 70%+.  The owner occupancy rate is the % of people who own and live in their condo vs those who rent out their condo.  So what do you do if the condo is “non warrantable” and does  not meet the owner occupancy rate needed to get approved for a mortgage……..

The Answer is the Condo “Limited Review”.  Here is how it works:


1.      The client qualifies for it when getting a Fannie Mae Automated Approval.  Which should be done when a lender is pre-approving the client.  If you know they are buying a condo be sure to ask if the lender ran their Fannie Mae Approval and did it qualify for a Limited Review

2.      In my experience the most clients who qualify for the Limited Review have excellent credit and are putting down 20% as their down payment.  And the condo will be their primary home. 

3.      By having a Limited Review the lender will not ask what the owner occupancy rate is for the condominium project.

If you are helping a client buy a condo or have a condo listed for sale, you want to know about the Limited Review!!


Posted by





David Krichmar 

Mortgage Banker NMLS#293883 

Legend Home Lending

LLC NMLS #229421

Has Written For Realtor Magazine, Houston Agent Magazine, Scotsman Mortgage Guide

Appeared On Fox Business


Named 5 Star Mortgage Professional 2013, 2014, 2015, 2016, 2017

Named Top Mortgage Professional 2010,2011




For More Mortgage Info Follow me at  Dave's Blog


If you are looking for a FHA, VA, USDA, Homepath, Conventional, Jumbo, Construction, FHA 203k mortgage in Fort Bend County, Sugar Land, Houston, Katy, Harris County, Brazoria County, Pearland, Richmond, Bellaire, West University, The Woodlands, Kingwood, Friendswood, Clear Lake, Galveston, Fulshear, Tomball, Spring, Conroe, Montgomery County or anywhere in Texas I am your GUY!  


facebook Dave Your Mortgage Guylinkedin David Krichmaryoutube David Krichmartwitter Dave Your Mortgage Guy              

Use or reproduction of the material published on this site is expressly prohibited without the express written permission of the author


This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
ActiveRain Community
Texas Harris County Houston
Realtors Needing the services of the Lending Powers
Lenders & Realtors with a CONSCIENCE
Texas Gulf Coast
Texas Rocks!
conventional loan
owner occupancy
non warrantable
limited review

Post a Comment
Spam prevention
Spam prevention
Show All Comments
Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi
NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656 - New Lenox, IL
708.921.6331 - 40+ yrs experience

Dave:  I think it's great that you keep the condo conversation and education going.  You're absolutely right when you say that the condo market is "challenged", to say the least.  Working with a mortgage lender that knows and understands the challenges ... and also the options that buyers might have available to them is vitally important.  Keep spreading the word, my friend!


Jul 19, 2012 06:52 AM #1
David Krichmar
www.DaveYourMortgageGuy.com - Legend Lending - Sugar Land, TX

Thanks Gene!!

Jul 19, 2012 07:20 AM #2
Post a Comment
Spam prevention
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?


David Krichmar

Ask me a question
Spam prevention