10% Down Florida Condo Lenders Recreational Leases- Rec Lease Florida Condo Lenders- Refinance Florida Condo with a Rec Lease. The bad credit Florida Condo Lenders Recreational Leases Product is designed for strong credit quality borrowers seeking flexible financing options. The borrower may have had a credit event or other isolated lapse in their credit performance that may preclude qualification for another program. Credit events include, without limitation, bankruptcy, foreclosure, short sale, or any other isolated instance of a breach in an otherwise acceptable credit pattern. Other isolated lapses in credit performance would be characterized as a period of slow payments on their credit report, such as 30-day delinquencies resulting from isolated circumstances. All borrowers must exhibit an acceptable recent credit history and provide a written explanation for derogatory credit events.
Multiple credit events that are not a result of the same cause are not permitted. (Ex: borrower who filed bankruptcy on multiple occasions).
Florida Condo Lenders Recreational Leases
• 1 unit includes attached and detached condos and PUDs
• The following are not permitted on second homes
o First-time homebuyers
Credit Score
Purchase 720= 90% Loan To Value
Cashout 720= 80% Loan To Value
Loan Terms For Condo Lenders Recreational Leases
• 30-year Fixed Rate
• 30-year Fixed Rate Interest Only
o 10-year interest-only period
o 20-year amortization period
• 40-year Fixed Rate Interest Only
o 10-year interest-only period
o 30-year amortization period
• 5/6, 7/6, 10/6 ARMs
