The Following is a bit of helpful information from Lynn Reiff at Wells Fargo in Steamboat Springs.
CONDOS CONDOS CONDOS
Wells Fargo Home Mortgage continues to have money for condominiums! A few of the rules have changed, but we still have money for MOST CONDOS!
With Wells Fargo Home Mortgage, condos are classified in one of two ways usually - regular condo or resort condo.
REGULAR CONDO
No front desk
No or minimal nightly rentals
No commercial space usually
No maid service generally
No shuttle service generally
Majority of units are primary home or second home
Examples - Sunray Meadows, Quail Run, Villas at Walton Creek, The Pines, 6th Street Condos
Loans - up to 90% on a primary unit
We just CLOSED on a 90% primary condo at The Pines
RESORT CONDO (Others may call this condotel)
Sometimes a front desk
Nightly rentals allowed
Maid service generally available
Shuttle service available
Limited commercial space
Mainly second home owners and some investment owners
Examples - Canyon Creek, Trappeur's Crossing (most), Dulaney, Storm Meadows,
Kutuk, Casa de las Sierra, Phoenix, The Ranch, Shadow Run, Timber Run, Shadow Run, The Lodge
Loans - up to 70% usually loan to value
720, sometimes 700, FICO score needed
20% post close liquidity- 20% of loan amount left over after closing generally not in a retirement account
Wells Fargo checking account with auto pay for mortgage payment gives best rates
No second mortgages
We just closed on a Lodge condo second home 70%
LYNN REIFF
Mortgage Consultant
Wells Fargo Home Mortgage
For more information call Lynn Reiff at Wells Fargo or contact us at the Vanatta Group.
The Vanatta Group, bringing you luxury homes of Steamboat for over 20 years.
