CONDOTEL FLORIDA MORTGAGE LENDER’S
Florida Condotel No Doc And Alt Docs Mortgage Programs Links Below
- No Tax Return Florida Condotel Mortgage Lenders
- Bank Statement Florida Condotel Mortgage Lenders
- DSCR Florida Condotel Mortgage Lenders – Use Condotel Rental Income To Qualify!
WHAT ARE FLORIDA CONDOTEL’S AND HOW DO THEY WORK?
Florida condotel is like a condominium project that is operated as a Florida hotel with a registration desk, cleaning service, and more amenities along with rental options. These Florida condotel units are individually owned. The biggest difference with a condotel is that the unit owners also have the option to place their unit in the Florida condo-hotel’s rental program where it is rented out and managed by condotel management like any other hotel room. In addition, you can now use the rental history from the condotel to qualify for a mortgage!
FLORIDA CONDOTEL-MORTGAGE LENDERS COVERS
- 1-4 Unit Condotel Florida vacation home mortgage lenders
- Warrantable and Nonwarrantable Florida Condo Mortgage Lenders
- Non-Warrantable Florida Condo Investment Mortgage Lenders
- Second home Florida Condotel mortgage lenders
- No Income verification in Florida condotel mortgage lenders
- Second home Florida condotel mortgage lenders.
CASHOUT FLORIDA FLORIDA CONDOTEL MORTGAGE LENDERS
• Cashout Maximum Loan to value is 75% of appraisal value
• Florida Cash out condotel permitted less any Florida mortgage payoffs
• Paying off a non-purchase money 2nd mortgage is defined as cash-out
• No ownership seasoning required but must have settlement statement for the purchase
• Source and seasoning required if Florida purchased within the prior 6 months.
• Proceeds from Florida cash-out can be used for cashout refinance reserve requirements.
• Power of Attorney not allowed for CONDOTEL, condotel, cash-out refinances!
FLORIDA CONDOTEL RESERVE REQUIREMENTS
• Current reserve balance meets or exceeds 2 months of the Florida property’s HOA dues in reserves multiplied by all units in the Florida project or 10% or more reserve allocation designated in the most recent budget.
SECOND HOME FLORIDA CONDOTEL MORTGAGE
• Florida mortgage lenders will typically define a property as a second Florida home if it is (1) located in a vacation or resort area 30 or more miles from the primary residence or (2) used a college housing for enrolled dependent within 5 miles of campus)
• Short-term Florida Florida rental income is allowed on second Florida homes and generally does not constitute an investment Florida property designation. Florida rental income cannot be used to qualify. An evaluation of the 1040 Schedule E is required.
FLORIDA CONDOTEL INVESTMENT MORTGAGE LENDERS
• Property titled in LLC allowed (see Florida Mortgage Applicants and Title section for details)
• Maximum 85% LTV
• Gross Florida rental income is calculated by using a 12-month average of the net Schedule E income (Line 21) plus depreciation,
the mortgage interest paid to banks, taxes, and insurance, and HOA dues.
• Florida rental income not appearing on Schedule E may be considered case-by-case with 3 months canceled checks and a
current lease agreement. Use 75% of gross rent as gross Florida rental income.
• Immediate Florida rental income on the purchase of an investment property is allowed using 75% of the monthly rent schedule as documented by Form 1007 or 1025.
• Cash-out is allowed up to $4,000,000 with no seasoning required.
FLORIDA CONDOTEL- MORTGAGE LENDERS –
Florida Condotel lenders will define a Condo unit as a Condotel when units in the complex can be reserved for daily, weekly or short-term Florida rentals.
• Maximum Florida Condotel 75% Loan to Value
• Leaseholds allowed if the remaining term on a land lease is 30 years or longer
FLORIDA CONDOTEL- NON-ALLOWABLE
– Blackout dates not permitting year-round owner occupancy
– Structural deficiencies and certain pending litigation (please contact your AE if litigation is not related
to a structural issue)
– Incomplete construction of the subject phase
– Low HOA budget reserves
– HOA delinquencies exceeding 15%
• Florida Condotel lenders questionnaire must be 100% complete for Approval Commitment. No blanks or questions answered “n/a” or “unknown,” and the questionnaire must pass underwriter review.
• Must have a full kitchen and at least one separate bedroom. Minimum 500 square feet generally required. Efficiency or studio units are not permitted.
• Coinsurance is considered case-by-case if no agreed amount endorsement is available
Florida Condotel lenders will define a Condo unit as a Condotel when units in the complex can be reserved for daily,
weekly or short-term Florida rentals.
FLORIDA CONDOTEL MINIMUM & MAX LOAN AMOUNTS
• $100,000 minimum loan amount. Exceptions are considered on a case-by-case.
• Co0OP Loan amount exceptions over $4,000,000 available.
FLORIDA CONDOTEL MORTGAGE LENDER’S CREDIT REQUIREMENTS
• 680 middle scores required with some exceptions allowed for lack of credit or unestablished credit.
• For co- – CONDOTEL mortgage applicants and co-mortgagers, the lowest mid-score is used for pricing and qualification.
• Meeting the minimum credit score requirement does not automatically constitute a credit approval. A pattern of
adverse credit or overextended credit may disqualify – a CONDOTEL mortgage applicant from financing, even if the minimum credit score is met.
• Credit report is used for Pre-Approval and – CONDOTEL mortgage lenders will also pull credit before issuing a conditional
approval. Mid-score from – CONDOTEL mortgage lenders credit pull is used for pricing and qualification.
No Credit or Limited Credit
• No credit or limited credit profiles are allowed on a case-by-case basis for U.S. citizens.
• No U.S. credit or credit score is required for the Work Visa/Expatriate/Immigrant Program or Foreign National Program.
FLORIDA CONDOTEL MORTGAGE LENDER’S OPTIONS INCLUDE:
- Primary Florida CONDOTEL Mortgage Lenders
- Second Home Florida CONDOTEL Mortgage Lenders
- Investments Florida CONDOTEL Mortgage Lenders
- Cash Out Florida CONDOTEL Refinancing
- Second Florida CONDOTEL Home Financing
- Jumbo Florida CONDOTEL Loans
- Low Florida CONDOTEL Closing Costs
- Up to 75 Percent of Florida CONDOTEL Mortgage Loans
FLORIDA CONDOTEL MORTGAGE MAXIMUM DEBT TO INCOME
Maximum Florida – CONDOTEL Mortgage Lenders Debt To Income Ratio
• 50% maximum back-end ratio.
ELIGIBLE FLORIDA CONDOTEL PROPERTY TYPES & OCCUPANCY
Florida CONDOTEL Occupancy Permitted
• Primary Florida CONDOTEL Residence
• Second Florida CONDOTEL Home (minimal Florida rental income allowed)
• Investment Florida CONDOTEL Property (non-owner Florida – CONDOTEL occupied) permitted at maximum Florida – CONDOTEL loan of 85% LTV
ELIGIBLE FLORIDA CONDOTEL MORTGAGE REQUIREMENTS
• Minimum Down Payment 20% For Florida – CONDOTEL Mortgage Lenders
• Title Insurance for Florida CONDOTELs title policy issued through a title company or closing attorney must be issued on Florida – CONDOTEL certificate
• Leaseholds Florida CONDOTEL allowed on a case-by-case basis
BAD CREDIT FLORIDA CONDOTEL MORTGAGE LENDER’S
• Late payments on any mortgage, installment or revolving account of 2×30, 1×60 or more will typically disqualify a
Florida Mortgage Applicants from financing. Exceptions will be reviewed on a case-by-case basis at a lower LTV.
• A pattern of adverse credit or overextended credit may disqualify Florida Mortgage Applicants from financing, even if the minimum credit score
is met. Florida Mortgage Applicants with 3x monthly income amount in unsecured consumer debt are generally disqualified.
FLORIDA – CONDOTEL MORTGAGE LENDER’S REQUIREMENTS AFTER FORECLOSURE, BANKRUPTCY, SHORT SALE
• (2)year seasoning from BK discharge date or sale of property
• Maximum 80% LTV or 20% downpayment
• No derogatory credit allowed since the bad credit event
• Strong extenuating circumstance and signed a letter of explanation from – CONDOTEL mortgage applicant detailing event required.
NOT ALLOWABLE FOR FLORIDA – CONDOTEL MORTGAGE LENDERS
– Structural Florida – CONDOTEL deficiencies and certain pending litigation (please contact your AE if litigation is not related to a structural issue)
– Incomplete Florida – CONDOTEL construction of the subject phase
APPROVED OR ALLOWED FLORIDA – CONDOTEL MORTGAGE LENDERS CASE BY CASE:
– Low Florida – CONDOTEL HOA budget reserves
– HOA Florida – CONDOTEL delinquencies exceeding 15%
• Florida – CONDOTEL mortgage lenders Questionnaire must be 100% complete for Approval Commitment. No blanks or questions answered “n/a” or “unknown,” and the Florida – CONDOTEL questionnaire must pass underwriter review.
• Florida – CONDOTELs mortgage lenders price Florida – CONDOTELs the same as Non-Warrantable Condos, regardless of loan size or Florida – CONDOTEL questionnaire findings.
• Florida – CONDOTEL must pust have a full kitchen and at least one separate bedroom. Minimum Florida – CONDOTEL size 500 square feet generally required. Efficiency Florida – CONDOTELs or studio units are not permitted.
• Coinsurance Florida – CONDOTEL is considered case-by-case if no agreed amount endorsement is available.
SELF-EMPLOYED FLORIDA – CONDOTEL MORTGAGE LENDERS
Self-Employed – CONDOTEL mortgage Income calculations
• Florida Mortgage Applicants should be self-employed in the U.S. for a minimum of 2 years (max 80% LTV).
• 2 years of business & personal tax returns required, plus a year-to-date Profit & Loss statement.
• Business tax returns are required for all businesses in which the Florida Mortgage Applicants have 25% ownership or more. On occasion
business tax returns are needed if the Florida Mortgage Applicants have less than 25% ownership.
• Fannie Mae cash flow analysis form can be used.
• NOL Carryover Loss: Treated case-by-case when truly a one-time occurrence (i.e. real estate loss, lawsuit settlement or some other form of a truly one-time occurrence). A detailed CPA letter addressing the one-time occurrence is required.
• Less than two years of self-employment is considered on a case-by-case basis with a reduced LTV.
REQUIRED BY FLORIDA CONDOTEL MORTGAGE LENDERS
• 2-month bank statements for monthly asset accounts, and most recent statement for quarterly asset accounts
(VOD not permitted).
• 6 months PITI for all Florida – CONDOTEL properties owned including subject.
• At least 3 months of the subject property’s reserves must be liquid non-retirement.
FLORIDA – CONDOTEL MORTGAGE LENDERS CASE BY CASE MORTGAGE APPROVALS
• Florida – CONDOTEL Current reserve balance meets or exceeds 2 months of the subject property’s Florida – CONDOTEL HOA dues in reserves multiplied by all Florida CONDOTEL units in the Florida CONDOTEL project or 10% or more reserve allocation designated in the most recent Florida CONDOTEL budget.
SECOND HOME FLORIDA – CONDOTEL MORTGAGE LENDERS
• Florida CONDOTEL Mortgage Lenders will typically define a property as a second FloridaCONDOTEL home if it is (1) located in a vacation or resort area 30 or more miles from the primary Florida CONDOTEL residence or (2) used a Florida CONDOTEL college housing for enrolled dependent within 5 miles of campus)
• Short-term Florida CONDOTEL Florida rental income is allowed on second Florida – CONDOTEL homes and generally does not constitute a Florida CONDOTEL investment property designation. Florida – CONDOTEL Florida rental income cannot be used to qualify. An evaluation of the 1040 Schedule E is required.
FLORIDA – CONDOTEL MORTGAGE FOR INVESTMENT PROPERTY
• Property titled in LLC allowed
• Maximum Florida – CONDOTEL 60% LTV for investor Florida – CONDOTEL mortgage lenders.
• Gross Florida rental income is calculated by using a 12 month average of the net Schedule E income (Line 21) plus depreciation, mortgage interest paid to banks, taxes, and insurance, and Florida – CONDOTEL HOA dues.
• Florida rental income not appearing on Schedule E may be considered case-by-case with 3 months canceled checks and a current lease agreement. Use 75% of gross rent as gross Florida rental income.
• Immediate Florida CONDOTEL Florida rental income on the purchase of an investment property is allowed using 75% of the monthly rent schedule as documented by Form 1007 or 1025.
• Cash-out is allowed up to $3,000,000 with no seasoning required.
WHAT IS A FLORIDA CONDOTEL AND HOW DO I GET A FLORIDA MORTGAGE?
A Florida – CONDOTEL or cooperative apartment is an individual living unit within a Florida – CONDOTEL building or development where a buyer purchases shares (equal to the value of the unit) in a Florida – CONDOTEL corporation that holds title to a building Coops are predominantly located. Normally a Florida – CONDOTEL sponsor will buy the building (takes out the underlying Florida – CONDOTEL mortgage) and then will sell off the shares. Therefore, when buying a coop, you are actually buying Florida – CONDOTEL shares in a corporation, not buying real property.
HOW DO FLORIDA CONDOTEL BUILDINGS GET PRE-QUALIFIED BY FLORIDA MORTGAGE LENDERS?
To start with Florida – CONDOTEL lender will look at the following factors to see if a particular Florida – CONDOTEL building corresponds with their guidelines: the Florida – CONDOTEL property’s resale value, investor concentration, and Florida – CONDOTEL owner occupancy. Based on the previous example, if there are 20 units, five sponsor Florida rentals and 15 sold units (with 12 owner-occupied units and 3 units being rented by the Florida – CONDOTEL owners), the following ratios and guideline percentages result:
WHERE ARE THE FLORIDA COOPS POPULAR?
Popular locations include Destin, Sanibel Island,St. Pete Beach, Clearwater Beach, amelia island, Naples Florida Beaches, Key West Beach, St Augustine Beach Florida, Pensacola beach, Fort Lauderdale beach, Boca Raton Beach, Key Largo Beach, Key west, Siesta Key Beach,Mexico Beach,Cedar Key, Fort Myers Beach, Islamorada, Jacksonville Beach, Miami Beach, Jupiter Island, Anna Maria Island Beach,Marco Island Beach,Delray Beach,Hollywood Beach, Deerfield Beach Florida, New Smyrna Beach, Fort Walton Beach, Boca Grande, Marathon Key Beach, Daytona Beach, Perdido Key,
HOW IS A FLORIDA DIFFERENT FROM A HOUSE OR CONDO?
When you get a mortgage to purchase a house or condo you get the deed. But not with a Florida – CONDOTEL, individual units do not have individual deeds. A Florida – CONDOTEL mortgage is actually a “share-loan” or a loan that purchases a share within in the Florida – CONDOTEL. The difference makes securing a loan for a Florida – CONDOTEL more complicated them getting a traditional mortgage and fewer mortgage lenders offer share loans.
FLORIDA COOP BOARDS AND APPROVAL RULES
To buy into a Florida – CONDOTEL, you must be approved by the Florida – CONDOTEL board. The approval process is often extensive and may require interviews and character references, in addition to your employment, financial, and credit history. Florida – CONDOTEL boards can refuse a prospective buyer for any reason, so long as it doesn’t run afoul of anti-discrimination policies. What you can do WITH your Florida – CONDOTEL unit. As a Florida – CONDOTEL shareholder, you don’t have the right of alienation where basically, you can’t sell your Florida – CONDOTEL share (or rent your Florida – CONDOTEL unit) without the permission of the Florida – CONDOTEL board. Some Florida – CONDOTEL associations have the right of first refusal, meaning they have the option to buy the property before you offer your Florida – CONDOTEL to outside buyers. Florida – CONDOTEL boards, though, can simply deny a sale without matching the sale price.
HOW FLORIDA OWNERSHIP DIFFERS FROM CONDO OWNERSHIP
When you purchase a condominium you are purchasing a specific unit the surface and the interior walls of the unit in the space the condo contains. With a – CONDOTEL, you are purchasing a share in a corporation, which then entitles you to a unit. This share is considered personal property rather than real estate.
FLORIDA CONDOTEL REFINANCE AFTER LISTED FOR SALE
Florida Condotel Mortgage Refinance of a Property Listed For Sale
• No Off-MLS seasoning requirement for borrower-paid compensation. Florida condotel mortgage discount point fee is required. Condotel refinances ok if the Home can remain listed For Sale.
• 90-days off the MLS required for lender-paid compensation
FLORIDA CONDOTEL NUMBER OF HOMES FINANCED
• The number of financed limited to 10 with some exceptions made for very high net worth borrowers. Please note reserve requirement applies to all properties owned (see Reserve Requirement & Rental Income sections).