FLORIDA CONDO MORTGAGE LENDERS
- FLORIDA CONDO + CONDOTELS + NON-WARRANTABLE CONDO LENDERS
- NON-WARRANTABLE CONDO LENDERS FLORIDA
- MIAMI FLORIDA CONDO LENDERS- Serving Every City in Miami FL including and not limited to: Homestead :: Kendall:: Miami Beach:: South Beach Miami:: Miami Beach FL VA Mortgage Lenders ::Aventura :: Bal Harbor FL :: Coral Gables FL
• 96.5% LTV on Owner Occupied Miami Florida Condos= 3.5% Downpayment!
• 95% LTV on Miami Florida Owner Occupied Condos= 5% Downpayment!
• 90% LTV on Second Miami Florida Home Condos= 10% Downpayment!
• 80% LTV on Second Miami Florida Home Condos= 20% Downpayment
• 80% LTV on Investment Miami Florida Condos= 20% Downpayment
• 80% Non warrantable Miami Florida Condo loans - Do not have to be FNMA Approved!
3,5,7,15, 20 and 30 year fixed rate Miami Florida condo loan terms available!
all programs subject to change without notice.
Florida condo mortgage applicants will find that a mortgage on a Miami Florida condo is more complex than purchasing a Miami Florida single family or town-home or villa. There are additional requirements for Miami Florida condo associations that do not exist in other typical Florida mortgage transactions. The Condo must be approved by the Florida mortgage lender via condo association questionnaire before you can get financing on a Florida condo.
MANY MIAMI FLORIDA LENDERS WILL NOT MORTGAGE CONDOMINUMS
Having trouble getting a Florida condo mortgage because the condo you are interested in is being denied by your Florida mortgage lender? Florida mortgage lenders.com offers condominium mortgage loans on many Florida condos projects that are not Fannie Mae approved and which other Florida mortgage lenders consider not financeable. Conditions include the Florida mortgage applicant must:
1. The Miami Florida condo purchase must be a primary residence = 25% down payment for a purchase or 25% equity for a refinance.
2. 2nd Miami Florida condo home loan transactions require a minimum 30% down payment for purchase and 30% equity in the Florida condo for a refinance.
Our expanded Miami Florida condo mortgage approvals for condos require no condo questionnaire, no review of the association budget and no approval of the project reserves. It may seem counter-intuitive, but no matter how strong you may be as a Florida mortgage applicant, or what the down-payment/Loan-to-Value is; most Florida mortgage lenders will not mortgage Florida condos if they fail even basic criteria of a condo questionnaire. Details of most denials include: pending litigation in the project, low % of owner-occupancy, high % of current condo owners late on their HOA fees are just a few reasons that will kill your Florida condo mortgage. It is very risky to attempt to secure financing with Florida mortgage lenders that require Condominium questionnaire approval. A result of the Florida housing market crash is that most Florida condo projects have some of the aforementioned issues. The safe and easy path to a smooth Florida mortgage process is to work through one of the very limited number of Florida mortgage lenders that do not require Florida condo questionnaire approval.
Miami Florida condo Mortgage Lenders.com is one of only a very small number of limited Lenders with Access to the Florida mortgage lenders that do not require a Florida condo questionnaire that offer these programs.
MIAMI FLORIDA CONDOMINUM MORTGAGE REQUIRMENTS
Florida Mortgage lenders have requirements for Miami Florida condo financing.
Mortgaging a Florida condominium comes with a few more requirements than a standard Florida mortgage. Condominiums are mostly part of a condo association and the reputation of that association can affect a Florida mortgage applicants chances of obtaining condo financing. Due to the number of association delinquencies many Florida mortgage lenders have raised their requirements for financing when purchasing Florida condominiums. Large down payments usually between 20-30%, association questionnaire approvals and inspections approved directly by the Florida mortgage lender are some of the requirements that Florida condo buyers must meet before they obtain a loan for a Florida condominium.
MIAMI FLORIDA CONDO ASSOCIATION FEES
Living in a Florida condominium complex usually requires the unit owners to pay association fees. Most Florida mortgage companies can now refuse financing if 15 percent or more of the residents are 30 days or more behind on their association dues. Delinquency rates in dues worries Florida mortgage lenders because it casts doubt on the association's cash reserves and financial status.
New Florida condominium units and complexes have a minimum criterion of sold units to meet. Most Florida Mortgage Lenders now want to see at least 49 percent of the units sold or under contract before they will agree to financing.
MIAMI FLORIDA INSPECTIONS
o Condominium inspections usally take place before the Florida mortgage applicant apply for condo financing.. However, all Fannie Mae-backed Florida mortgages for condos will have to undergo an inspection by a Fannie Mae representative. This includes the complex as well as an investigation into the association's financial situation. Previously, Florida condominium inspections were carried out but by the individual Florida mortgage lender.
MIAMI FLORIDA CONDOS REQUIRE LARGER DOWNPAYMENT
Mortgage insurance (MI) companies are currently not providing private mortgage insurance in Florida due to the large number of defaults. As a result Florida condo mortgage applicants are required to put down a minimum 20 percent down payment.
QUESTIONS TO ASK THE MIAMI FLORIDA ASSOCIATION:
1. Is the Florida condo project Fannie Mae or FHA Approved? If the answer is yes, then you may proceed as long as the Miami Florida condo is not on the Florida mortgage lender’s unbendable list (Yes, this is still possible even if a Florida condo project is Fannie Mae approved). It is important to note that some phases within a Florida condo project may be approved while others may not. This is a common mistake that can blow up many deals.
2. Am I eligible for a Miami Florida condo Project Review Waiver? (Also called a Limited Review) Primary Florida condo purchases with a 25% down payment/equity. Second Miami Florida condo home transactions with a 30% down payment/equity. Investment Properties are not eligible. Beware of lenders offering “Limited Review” of a condo but requiring a Condo Questionnaire. If a condo questionnaire is required, then it is not a limited review and you risk your loan being denied for factors not related to your individual credit worthiness. Check that your Condo is not on the lender’s list of denied projects. The Government Homeowner Assistance Program = HARP will allow you to refinance up to 125% of your home’s value if your Loan is owned by Fannie Mae or Freddie Mac. There is no project approval for these programs.
3. Can I get an FHA Loan in a Miami Florida condo that is not FHA Approved? No. Currently FHA and lenders are not allowing spot reviews of condos for FHA Loans. You should check which Condos in the area you are interested in buying are already FHA approved if you are interested in a low down payment FHA loan.
4. What is the minimum down-payment for a Miami Florida condo Loan? For purchases, typically the minimum down payment is 20%. We encourage that you put more money down so that we can waive the project approval requirements. 25%- Owner Occupied. 30%- Second Home. If the project is FHA approved, you can purchase a primary residence with a 3.5% down-payment. For Refis, if the loan is eligible for HARP- Government Homeowner Assistance Programs- Then it is possible to get a condo home loan for up to 125% of the home’s value.
Florida Condotels Function as Rental Investment Property
The Florida condotel arrangement provides access to a cleaning service to care for the home. There is also potential price appreciation for the condotel unit should the owner choose to sell.
There can be drawbacks to owning a condotel unit. The costs for maintenance and cleaning services may be high. Charges may be based on the square footage of each unit. The owner of the unit may need to take out special insurance for the property. The pricing for a condotel unit might be based on tourist and vacation activity and not the real estate market. The owner of the unit will typically pay commercial tax rates on the income generated from rent.
Other variables such as occupancy rates could see sharp declines when travelers are not interested in visiting that destination. The owner of the unit might be limited to a maximum number of days they may use the space for themselves. Terms of the condotel agreement might require the unit to be available for rental purposes for the majority of the year. Obtaining financing could be a challenge for potential buyers of condotel units. Many banks might decline to offer loans for such purchases.
Florida Non-Warrantable Condominiums including Condotels. All Non-Warrantable Condominiums will be reviewed and approved by Florida mortgage lenders Condo Team. Final Risk
Levels are determined by the Condo Team after a Full Review is performed.
WE SAY YES TO FLORIDA CONDOTEL AND NON-WARRANTABLE CONDO BUYERS
Few Florida mortgage lenders offer condotel and non warrantable condo mortgages, but there are some Florida mortgage lenders that do. Interest rates on this type of financing usually run a full percent higher or so than for a comparable conventional Florida mortgage loans. The minimum down payment for condotels and non warrantable condos start at 20 percent.
Florida condotel and non warrantable mortgage approvals are handled by private Florida mortgage lenders as opposed to those of a Big Florida Banks mortgage loan approval times are usually quick. It's perfectly reasonable to close on a condotel or non-warrantable condo in less than 30 days.
FLORIDA NON-WARRANTABLE CONDOS LENDERS INFORMATION
Florida non-warrantable condo, by definition, is a Florida condominium that does not meet the minimum Fannie Mae and/or Freddie Mac eligibility standards.
When a Florida condo buildings fail to meet the minimum Fannie and Freddie's standards, it's most likely for one or more of the following reasons :
The project is more than 10% owned by one entity
More than 50% of the project units are rentals
More than 20% of the building square footage is "commercial"
Florida condo project is filed with the SEC and is sold as an investment opportunity
Condo project is "new" and grants concessions and/or abatements not listed on the settlement statement
Too many "unsold units", certain types of pending litigation, and length of time that the Florida condo board has been in control of the building's owners.
The Homeowner association dues being paid less than 85% current. This means that if more than 15% of a condo building's owners are delinquent to the condo association dues, conforming mortgages are unavailable to everyone that lives there, and everyone attempting to buy there, too.
FLORIDA NON WARRANTABLE CONDO LENDERS LOOK AT THE BUYER AND THE BUILDING
These issues along with many other possible components makes the condo unit un warrantable blocking Florida condo owners from attaining a Florida condo mortgage regardless of how qualified they are.
NON-WARRANTABLE FLORIDA CONDO LENDERS
If you're under contract for a Florida non-warrantable condo or condotel in Florida we may be able to get you approved!
Florida condotel and non warrantable condo interest rates aren't as low as what you'll see from Freddie Mac’s and the mix of Florida condotel and non-warrantable Florida condo mortgage products are limited.
FLORIDA CONDOTEL LENDERS INFORMATION
A Florida Condotel is exactly what is sounds like it’s a combination of a Florida condo and a hotel. Most often Florida condotel are rented by an onsite management company with Florida condo owners keeping the right to rent their units while owning them.
Like Florida non-warrantable condos, condotels cannot be financed through Fannie Mae or Freddie Mac and more often than not Florida condotel buyers cannot get financing unless they purchase the unit with all cash.
Finally, there could be additional restrictions on unit renovation/alteration in a CondoTel as compared to a condo. This varies depending upon a given CondoTel’s by-laws.
ALL SITUATIONS WELCOME! MIAMI FLORIDA CONDO LENDERS
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MIAMI BEACH FL Mortgage Lenders Providing: New Home Loans, Mortgage Refinance, FHA, VA & Bad Credit Mortgage Lenders
Whether you’re a first-time Miami Beach Florida homebuyer or looking to refinance your existing mortgage in Miami Beach, our competitive rates and flexible financing options can help you make the right mortgage decision.
Our goal is to provide our customers with exceptional service and best Mortgage Rates in Miami Beach Florida while keeping them informed and educated throughout the process.
• 100 % VA Condo Mortgage Loans Down to a 550 fico!
• 96.5% LTV on FHA Approved Owner Occupied Condos= 3.5% Downpayment!
• 95% LTV on Owner Occupied Condos= 5% Downpayment!
• 90% LTV on Second Home Condos= 10% Downpayment!
• 80% LTV on Second Home Condos= 20% Downpayment
• 80% LTV on Investment Condos= 20% Downpayment.
In comes the Florida VA mortgage to the rescue for Condo Buyers and current Florida Condo homeowners. To qualify for a Florida VA Mortgage the Florida condo must be on the VA Approved Condo list, which includes many existing complexes. You can search for VA Approved Condos yourself, or let us assist you,we are here to help.
15, 20 and 30 year fixed rate terms available!
MIAMI BEACH FLORIDA LOAN PROGRAMS
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Low down payments
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Seller paid FHA mortgage closing cost up to 6%
Easier credit qualifying min 550 Fico!
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Seller paid closing cost up to 4%
Up to $417,000 Loan Value
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Easier credit qualifying min 550 Fico!
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20 and 15 Year Fixed
Is it time to refinance?
Refinance up to 97.75%
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Cash for any reason
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MIAMI BEACH FLORIDA MORTGAGE LENDERS CITY DATA
Population in 2013: 91,026 (100% urban, 0% rural). Population change since 2000: +3.5%
Males: 49,062 (53.9%)
Females: 41,964 (46.1%)
Median resident age: 41.0 years
Florida median age: 41.5 years
Zip codes: 33140, 33141.
Miami Beach Zip Code Map
Estimated median household income in 2013: $44,153 (it was $27,322 in 2000)
Miami Beach: $44,153
Estimated per capita income in 2013: $38,201 (it was $27,853 in 2000)
Miami Beach city income, earnings, and wages data
Estimated median house or condo value in 2013: $375,500 (it was $138,700 in 2000)
Miami Beach: $375,500
Mean prices in 2013: All housing units: $684,417; Detached houses: over $1,000,000; Townhouses or other attached units: $323,698; In 2-unit structures: $317,891; In 3-to-4-unit structures: $155,902; In 5-or-more-unit structures: $492,422
Median gross rent in 2013: $1,077.
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