Property Type

CONDO FINANCING
When it comes to local knowledge and local decisions on condo financing – go with the people you know! At Merit Lending, 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.

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 80% 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

Merit Lending Highlights:
Benefits

More Financing Options
We help clear exceptions to achieve warrantable status

Non-warrantable options available
Less Roadblocks
Experienced, dedicated condo and project team
Assistance during new build/construction
Great Turn Times

24-48 hour approvals for condos already on the approved project list
48-72 hour approvals for conventional condo loan projects

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

*Merit 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: