Condominium
Condominium
New Haven considers condominium properties in either high rise or low rise buildings.
When appraising a property, there are a number of factors that are taken into consideration including marketability and location.
For a borrower looking for a first mortgage on a condo in Ancaster, they used their mortgage-free Hamilton property as collateral. The condo was valued at $400,000 and New Haven approved a loan of 34.56% of the Loan to Value amount.
Key Fact:
- Approval was contingent on an appraisal of Hamilton property.
In major urban centers, New Haven will often lend up to 80% of the Loan to Value on first, second, or third mortgages
In rural areas, New Haven will often lend up to 70% of the Loan to Value on first, second, or third mortgages. (Some Exceptions Apply).
No formal credit or income requirements required.
