Co-op-Condotels-Condos

Jumbo Co-op-Condotels-Condos Mortgage Florida lenders, Refinance Florida jumbo Co-op, Condotel, Non-warrantable condos, Condotels, and Co-ops. Jumbo Florida mortgage applicants can encounter unique challenges when financing non-warrantable Florida condos, condotels, and co-ops. Our Florida mortgage lenders are here to help you every step of the way.

Florida Non- Non-Warrantable Condos – Condotels – Co-op Program 

• Super Jumbo, Jumbo Co-op Up to $5,000,000 with no seasoning & no cap on the amount of cash out!
• FICO scores down to 600 
• No credit and limited credit borrowers allowed
• Non-occupant co-borrowers allowed
• 1-year tax return / 1-year self-employed program
• Cash-out proceeds can be used as asset depletion income – a possible reverse mortgage alternative!
• Non-warrantable Co-ops, Condotels, and Condos under 500 square feet, studios, efficiencies, lofts, kitchenettes, etc.
• Unpermitted additions, unpermitted ADUs or multiple ADUs
• Manufactured outbuildings or multiple manufactured outbuildings
• Multi-units with ADUs
• Mixed-use and other zoning 
• Deed restrictions
• Properties with greater land value than structure value
• Homes on acreage and hobby farms with no acreage limit 
• Vineyards with wineries
• Properties with agricultural and other exemptions
• Seasonal and off-grid properties

Non-Warrantable Condos – Co-ops – Condotel Mortgage Lenders 

• Loans to $5,000,000
• Non-warrantable condos, Co-ops, and Condotels allowed
• Acreage, Hobby Farms, and unique properties allowed
• Investment properties allowed
• Foreign Nationals allowed
• Homes listed for sale allowed
• Cash-out may be used as asset depletion income and reserves
• Pre-approvals provided
• Rush closings offered – we save loans!

Jumbo Florida Mortgage Program Information 

The Portfolio ARM is a 1st mortgage adjustable rate loan with principal and interest payments amortized over 30 years. Jumbo Florida Co-ops, Condotels, Non-Warrantable Condos, and all co-op mortgages for investment properties are amortized over 30 years and have a 15-year balloon.

• 3/1 ARM: Rate is fixed for 3 years, and then every year thereafter.
• 5/1 ARM: Rate is fixed for 5 years, and then every year thereafter.
• 7/1 ARM: Rate is fixed for 7 years, and then every year thereafter.

Non-Warrantable Condo
• Maximum 80% LTV for primary residence and 2nd homes. 75% maximum ltv for investment
• Leaseholds are allowed if the remaining term on the land lease is 30 years or longer. Leases with 15 years or more remaining allowed on investment properties only
• Virtually all reasons for Condo to be defined as Non-Warrantable are permitted
Not allowed:
• Structural deficiencies and certain pending litigation.
• Incomplete construction of the subject phase
Approved/Evaluated Case-by-Case:
• Low or no HOA budgeted reserves
• HOA delinquencies exceeding 15%
• The financial questionnaire must be 100% complete for Approval Commitment. No blanks or questions answered “n/a”
or “unknown,” and the questionnaire must pass an underwriter review.
• Pending litigation not related to structural issues, when permitted by underwriting, is priced as Non-Warrantable.
• Condos with <500 square feet allowed at a max 70% LTV
• Coinsurance is considered case-by-case if no agreed amount endorsement is available
• Other insurance deficiencies considered on a case-by-case basis
• Must have full kitchen or kitchenette with a minimum two burner built-in cooktop
Condotel
• Maximum 75% LTV for primary residence, 2nd home, or investment
• Leaseholds are allowed if the remaining term on the land lease is 30 years or longer. Leases with 15 years or more remaining allowed for investment properties only
Not allowed:
•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
Approved/Evaluated Case-by-Case:
• Low or no HOA budgeted reserves
• HOA delinquencies exceeding 15%
• Florida mortgage lender’s questionnaire must be 100% complete for Approval Commitment. No blanks or questions answered “n/a” or “unknown,” and the questionnaire must pass underwriter review.
• Condotels with <500 square feet allowed at a max 70% LTV
• Coinsurance is considered case-by-case if no agreed amount endorsement is available
• Other insurance deficiencies considered on a case-by-case basis
• Must have full kitchen or kitchenette with a minimum two burner built-in cooktop

FLORIDA NON-WARRANTABLE CONDOS, CONDOTELS AND CO-OP PROGRAM