florida

FLORIDA CONDOTEL MORTGAGE LENDERS

Florida Condotel Program Number SP J7
Program Description Florida Condotel Lenders Program Overview
Eligible Product Florida Condotels

5/1 ARM

7/1 ARM

30 year fixed

Caps: 2% each year and 5% lifetime (5/2/5 caps are permitted on loans that close prior to February 28, 2017)

Margin: 3.99

Index: 1 YR Libor

Floor: Initial note rate

Interest Only and Amortization Options Florida Condotels:

5/1 ARM: 7 Year Interest Only, 10 Year Interest Only or 30 Year Self-amortizations

7/1 ARM: 10 Year Interest Only, 30 Year Self-amortization

30 Year Fixed: 7 Year Interest Only, 10 Year Interest Only or 30 Year Self-amortization

(Interest Only products are for a 30-year term. After the Interest Only period the loan must amortize over the remaining term.)

Condotel eligibility Borrower Eligibility Florida Condotels Each Florida Condotel borrower must be either a United States citizen, permanent resident alien with a “green card” (form I-151 or I-551), or lawful non-permanent resident alien who meets the requirements of section B2-2-02 of the Fannie Mae guidelines; provided that restrictions apply to certain non-citizen borrowers as set forth in Section 4 hereof.

Allowable Loan to Value (LTV), Maximum Loan Amounts

Note:

FLORIDA CONDO PROJECT MUST BE CLEARED AS ELIGIBLE BY US MORTGAGE LENDERS FOR LOAN AMOUNTS EXCEEDING $1 MILLION (Prior to Close)

Primary Residence Florida Condotel loans:

Purchase and Rate & Term Florida Condotel Refinance:

70% LTV to $850,000

65% LTV to $2,000,000

Cash-out Florida Condotel Refinance:

70% LTV to $400,000

65% LTV to $850,000

55% LTV to $2,000,000

Maximum Florida Condotel cash-out:

$150,000 @ 70% LTV

$250,000 @ 65% LTV

$400,000 @ 60% LTV

$850,000 @ 55% LTV

$1,250,000@ 50% LTV

Second Florida Condotel Home:

70% LTV to $850,000

65% LTV to $2,000,000

Cash-Out Refinance:

70% LTV to $400,000

65% LTV to $850,000

55% LTV to $2,000,000

Maximum cash-out:

$150,000 @ 70% LTV

$250,000 @ 65% LTV

$400,000 @ 60% LTV

$850,000 @ 55% LTV

$1,000,000 @ 50% LTV

Minimum Loan Amount Florida Condotels $135,000 at standard loan to value ratios, loan amounts of $100,000 to $134,999 are permitted with a 10% reduction to the maximum permissible loan to value ratio.
Minimum Florida Condotels Credit Score 680, primary wage earner, middle score
Maximum Debt to Income Ratio 46%
Eligible Florida Condotels Properties Types Condotel units that meet the requirements set forth in Section 12 of these Underwriting Guidelines, including a requirement that Condotels must be customary in the area where the Subject Property is located.
Permissible Florida Condotel Occupancy Primary residences and second homes, no investment properties provided that the Subject Property may be rented during periods when Borrowers are not in residence.  NO RENTAL INCOME FROM THE SUBJECT PROPERTY MAY BE USED TO QUALIFY, and Borrowers must meet the debt to income requirement based on their income excluding rent from the Subject Property.
Required Reserves 4 months housing expense
Acceptable States

All 50 States

(territories not permitted)

Gifts Allowed, 5% borrower own funds required
Income Documentation 2 yrs. W-2, 30 days’ paystubs; self-employed 2yrs tax returns
Credit History No Foreclosure, Bankruptcy, Deed in Lieu, Short Sale or Forbearance in the past 4 years
Mortgage History 0x30x24
Subordinate Financing Not allowed
Appraisal Requirements 1 Full Appraisal + CDA or ARR. Loan amounts over 1,000,000 require 2 appraisals + CDA or ARR
Escrows for Florida Condotel Required
AUS Not applicable; manual underwrite
ACH draft required for mortgage payments No



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www.Florida-Mortgage-Lenders.com


WHAT IS A FLORIDA CONDOTEL?

Florida condotel ‘s are condominium unit’s located within a Florida hotel’s that provide the individual unit owner with all the perks and amenities that a normal Florida hotel offers. When the individual condotel owner is not occupying the unit, it can be rented out by the staff on hand as as regular hotel unit to the hotels guests. This generates rental revenues for the Florida condotel owner to offset the Condotel costs associated with owing a Florida Condotel ownership.


 FLORIDA CONDOTEL MORTGAGE PROGRAMS INCLUDE: 

• LOAN SIZE: $100,000 to $3 Million
• LOAN TERMS: Amortized from 5 to 30 years
• LOAN TO VALUE: Up to 65%
• FOREIGN NATIONALS: Eligible
• CLOSING: 20-40 days


CONDOTEL EXPLAINED

Most have never heard of a condotel until they saw one for sale. However, there is a good chance you stayed at a Florida condotel the last time your were on a Florida beach vacation. A Florida condotel to make it simple is described as a condominium unit that is located within a Florida hotel or motel. A Condotel provides the individual unit owner with some of all of the perks and amenities that the condotel has to offer while the individual unit owner is not occupying the Condotel, it can be rented out to regular Florida hotel guests providing rental revenue for the condotel owner to offset monthly ownership costs.


 FLORIDA CONDOTEL ADVANTAGES 

• Florida Condotels offer a very unique investment opportunity as well as a great second Florida home/vacation home destination for you and your family.
• Florida Condotels are headache Free Investment opportunities. Most Florida condotels are attached to hotel projects with a property management team that take care of everything from maintenance to renting your Florida condotel unit.
• Very low monthly cost As, a result of the monthly rental revenue from you condotel unit investors can offset the monthly mortgage costs or may even provide positive cash flow.
• Florida Vacation Destination- Your Florida Condotel unit can be used as a great vacation getaway for you and your family.
• Florida Investment Appreciation- Over the past five years, the huge increase in demand for Florida condotel units have provided them enormous appreciation value. Most industry experts do not see a slow down in demand for Florida condotels’s anytime soon.


 ARE ALL FLORIDA CONDOTELS THE SAME?

Florida condo hotel units vary in size, amenities and operating rules are all different case by case. Some are two-bedroom suites with full kitchens while others are simple Florida condotel rooms with a micro-fridge and microwave. Prices range from $100,000 to $3,000,000 per Florida condotel unit.

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CREDIT REQUIREMENTS

FHA MORTGAGE

550 MIN FICO

PORTFOLIO MORTGAGE

NO MINIMUM

VA MORTGAGE

550 MIN FICO SCORE 

USDA LOANS

580 MIN FICO SCORE 

FANNIE MAE.

620 MIN FICO SCORE 

FREDDIE MAC

620 MIN FICO SCORE 

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954-667-9110

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