Short Term Rental Florida Condotel Mortgage Lenders
CONDOTEL FLORIDA MORTGAGE LENDER’S
Florida Condotel No Doc And Alt Docs Mortgage Programs Links Below
We get this question all the time, What Is A Condotel?
Condotels are like condominiums that operate more like a hotel. Unit owners also have the option to place their unit in the hotel’s rental property where the unit is rented out like any other hotel room individuals own each unit, although the complex shares amenities like a registration desk, lobby registration, and cleaning services. When owners are away, they have the option to make income by renting their condotel as a short-term lease for vacation stays. Condotel owners have the option to rent the units out while not occupying them in order to generate income. Florida Condotels are often treated like second homes and or investments and are quickly growing among Florida vacationers looking for shorter rental income investments in Florida real estate.
Condotel Florida Mortgage Lenders Requirements:
- FULL Doc Or DSCR use the condotel short-term rental income to qualify!
- Minimum 25% Downpayment or Max 75% LTV
- Always treated as Investments
- Minimum 100k+ Loan amounts!
- Minimum FICO 680
- 30 Year-Fixed Options are available
- Purchase, Rate Term, and Cash-Out Refinance options are available
- Condotels must have a min 500sq feet and have a full kitchen with a full stove
- Homeowners Association must not limit the days the unit can be accessed
Ineligible Florida Condotel Projects
- Projects that contain the word hotel or motel in the name.
- Projects that restrict the owner’s ability to occupy the unit
- Projects with mandatory pooling agreements require owners to either rent their units or give management firm control over the unit occupancy.
- Project with non-incidental business operations operated by the owners association such as a restaurant, spa, health club etc.
- Common interest apartments
- Timeshare or segmented ownership objected.
Short Term Florida Condotel Income Calculation – Read More
● Average 12 to 24 months deposits. Take 75% of the total income, Then Subtract – Taxes, Subtract – Insurance – HOA = Total income used for mortgage qualifying! NO Tax Returns are Needed to Qualify!
● No below-average properties
● Minimum $50,000 equity required
Florida Condotel Mortgage Terms
● 30-Year Fixed
● All loans require impounds for tax and insurance
AIRBNB SHORT-TERM LEASE LOAN AMOUNTS:
● $100,000—$3,000,000
Condotel Housing Credit Events
● Housing history—0x30. For housing delinquency, see pricing adjustments.
● Bankruptcy/Foreclosure—2-year seasoning. For less than 2 years, see
pricing adjustments.
● Short Sale/Deed-in-Lieu/Modification—2-year seasoning. For less than 2
years, see pricing adjustments.
● Forbearance <1 Year—
Condotel Income and DTI Events
● Max of 50% DTI, 55% allowed with LTV up to 75%
No Income Verification Florida Condotel Mortgage Lenders
Our No Income Verification Florida Investor DSCR Lenders, No Ratio Lenders allow Florida investors to qualify based on their rental income. No personal income or Tax returns are needed to qualify. The lender uses the current rent schedule if available or will order a 1007 rental comparable appraisal. This saves you from submitting complicated income statements and tax returns.US Mortgage Lenders LLC offers Alternative Options for Florida Real Estate Investors.
