By Thomas Martin
Florida Condo Mortgage Lenders
Florida mortgage loans for condos both warrantable and non-warrantable or a coop or even a condotel can be an attractive option. Those who feel “priced out” of the homebuying market may discover condos offer a more affordable homeownership option. For Florida FHA approved Condos you can purchase for as little as 3.5% down making it a great starter home. Others are looking to take advantage of a condo’s recreational amenities which might include a pool and fitness gym. Buying a Florida condo typically requires compliance with community rules and guidelines and approval by the board to move in. In addition, you have to make sure the condo qualifies for the financing. There are 2 condo approval processes to consider 1. You must be fully approved for financing by the condo mortgage lender. 2. The lender must evaluate and approve the condo project’s questionnaire and the condo budget.
Condo Down Payment:
- 0% Down VA-approved Florida Condos reserved for Veterans with a certificate of eligibility.
- 3% Down Homeready – Home Possible reserved for First Time Home Buyers.
- 3.5% Down on FHA Mortgage reserved for only Florida FHA-approved condos.
- 5% Down Payment for Florida primary condo homebuyers with full review.
- 10% Down 75% First 15% 2nd Helock For Limited Review Condos.
- 10% Down on Second Home Condo Loans.
- 10% Down on Jumbo Condo Loans.
- 15% Down on an Investment Property Condo Loan.
- 10 to 25% Down for Florida Non-warrantable Condos
Condo Approval: Your contact should always read that the appraisal will be complete after the condo questionnaire and the budget is approved by the mortgage lender.
Florida Condo Mortgage Programs Include:
- NO tax return: Non-QM and Private Lenders offer alternative documentation options.
- NO Income Verification: Use the subject property’s income to qualify.
- Foreign National: Nonresidents in the United States can invest using our FN mortgage options.
- Reverse Mortgage: 55+ Florida Condo owners can reverse mortgage their condo without payments.
- Bad Credit: Bad Credit is based on a common sense approach based on payment history.
- 1099: Use 1099 Income up to 100% of income can be used with no verified business expenses.
- VOE: Private Mortgage Lenders will allow your VOE to disregard to write-offs.
- Bank Statement: Use 12 or 24-month average bank deposits for mortgage income qualifying.
- Asset-Based: Assets in your account to cover the purchase price can be enough with some lenders.
- Self-Employed: If you write off too much of your income to qualify for the necessary funds.
- P&L: Use Your licensed Tax preparer to provide a profit and loss statement.
Condo Mortgage Steps
- Get pre-approved so you know your maximum purchase price and monthly payment estimates.
- Select a Florida condominium and sign a contract subject to lenders’ acceptable questionable and budget.
- Once the condo budget and questionnaire are approved by the lender order appraisal clear title and lenders conditions.
- Go To title close and congratulations you are a Florida condo owner!
Finance A Non-Warrantable Condo
- Min 25% Down if the Florida condo meets limited review requirements.
- 15- 20% Down for Florida Non-QM Subject To Condo Florida Mortgage Approval.
