Florida Condo Financing & Mortgage Loans With Low Down Payments & The Best Florida Condo Financing & Mortgage Loan Rates!

Do You Have To Put 20 Percent Down on a Florida Condo?
No, you don't!


Why do people choose us to finance their Florida Condo Mortgage Loans over Everyone Else?
  • We know the Florida Condo Mortgage Business and Can Finance Easy, Complex and Tough Deals, with The Lowest Down Payments Possible! 
  • We get the necessary information from the condo association to determine if the condo will qualify within 1 to 3 days so you don’t waste money on a home inspection and appraisal fee's if the condo does not qualify.
  • We can do a second mortgage for you to help you get approved for the mortgage if the condo doesn't have enough reserves budgeted to qualify.
  • We offer same day free pre-qualifications.
  • 24-hour underwriting.
  • Fast loan closings in as little as 30 days.
  • We offer the best Condo Mortgage Loan Rates available.
  • We follow Fannie Mae & Freddie underwriting guidelines and don’t add additional underwriting requirements like many banks do!
  • We allow coinsurance on condo projects!

 

          


How do you know if a condo qualifies for a Mortgage in Florida?

Here are the ways that we get Florida Condo Mortgage Loans Approved and Closed.

  • The condo project is already approved for a conventional loan and is on the Fannie Mae Approved Condo List.
  • FHA 3.5% for people occupying the condo as their primary residence the project must be on the FHA Condo Approved List.
  • Veterans 0% Down wishing to use their VA benefits to purchase a condo the project must be on the HUD Approved List.  
  • All of these lists above are very small so don't be surprised if the condo project you're interested in isn’t there. 
  • When condo projects are not listed on the any of approved lists above we do what's called a Spot condo review approval or we may do a limited review approval.
  • "Spot" condo full review is how we get the condo unit approved for the low down payments listed above, We simply reviewing the condo association budget and our condo questionnaire that they complete for us to determine if the project is going to qualify for this program, it’s that simple!
  • Limited Review is the way we get condos approved when that don't meet the spot approval and it only requires that the project meet a few requirements listed below and is much easier to get approved than a "SPOT" full review because a condo questionnaire or association budget review isn’t required.
  • Detached Single Family Condo projects consisting solely of detached single family dwellings do not have to meet the condo approval requirements listed above.

 

How do we get a condo approved for a mortgage when it's not on the Fannie Mae approved list?

  • We do a Spot Condo Approval, we simply review the condo association budget and our condo questionnaire that they complete for us to determine if the project is going to qualify for this program.
  • We do this in the first 1 to 5 days after your sales contract has been accepted by the seller so we know if the condo project will be approved prior to you spending money on a home inspection and an appraisal. 
  • About 70 to 80% of the spot condo mortgage loans are being approved.


Things we look for that would cause the "SPOT" Full Review Condo Loan to not be Approved.

  • The condo association's budget must allocate at least 10% or more of the associations dues revenue to funding of their reserves account or the condo association must have a reserve study done verifying that the condo association has currently enough money in its reserve accounts to cover all of the future maintenance and that they don't need to fund the reserves at 10% or the revenue. One person or entity owns more than 10% of the units.
  • Litigation for which the developer is named as a party that relates to the safety, structural soundness, habitability.
  • Commercial space exceeds 25% of the total square footage of the project.
  • For investment purchases only, at least 51% of the current unit owners must be primary residences and second homes. Many condo associations do not track and provide this information, which would make it a non-warrantable condo.
  • If the Condo Doesn't Qualify for a "SPOT" Condo Approval, then we can usually get your condo loan approved for a primary residence or second home with a 10% down payment and a 15% or 20% second mortgage to meet the limited review loan to value requirements listed below.


How do you know if your condo will qualify for a Fannie Mae Limited Review?

A Limited Review only requires that the project meet a few requirements listed below and is much easier to get approved than a "SPOT" approval because a condo questionnaire or association budget review isn’t required; they allow this because the down payment requirement is higher.

  • The developer has transferred control of the association to the individual unit owners.
  • No litigation for which the developer is named as a party that relates to the safety, structural soundness, habitability
  • The project must be 100% complete with no additional phases to be built.
  • At least 90% of the total units sold and close.
  • Must not be a resort condominium or condotel.
  • No one entity can own more than 10% of the units.
  • Commercial Space can’t exceed 25% of the total project.


Limited Review Buyer Requirements.

  • Primary residences 25% down payment.
  • Second homes 30% down payment.
  • Investment not allowed
  • Minimum Credit Score 620

Can you get a Condo Mortgage Loan if the condo association doesn't have 10% of their revenue budgeted to fund reserves?

Yes, you can for primary residences and second homes!
For primary residences, you have to put down 25% and second homes you have to put down 30% which allows us to do a limited condo review and we don't need to worry about the condo Assoc budget. If you don't have 25% or 30% to put down, don't worry we can do a second mortgage so that you only have to put down as little as 10% for a primary residence and 15% for a second home.

Can you get a Florida Condo Mortgage Loan with less than 25% or 30% down payment?

For primary residences the way solve this is by doing a second mortgage for 15% the buyer percent 10% which gives us a total down payment of 25% which allows us to do a limited condo review in which we don't need to review the budget at all.
For condo second homes we do a 10% second mortgage and the buyer puts down 15% getting us to a 25% down payment.

Has your condo mortgage loan application been turned down or denied because?
  • The Florida condo association doesn't budget 10% of their revenue to fund reserves.
  • They require 20% or 30% down payment.
  • The Florida master Condo Insurance policy has coinsurance.
  • They require at least 51% be owner-occupied & second homes.
  • The Florida condo association doesn't have law and ordinance insurance.

Not to worry we close these types of loans all the time, we know the Mortgage Business and can Close Easy, Complex and Tough Deals. We do this by utilizing our years of experience and "Outside The Box Thinking" to get buyers pre-approved for the maximum loan amount possible while keeping their down payment and closing costs as low as possible. 


          

No Condo Underwriting Requirement Refinance Offer! If you currently have a Fannie Mae insured Condo Mortgage Loan then we can help you lower your current Interest Rate! If your loan is on the list then you automatically qualify for a condo interest rate mortgage reduction, regardless of the following;
  • Your Condo is an investment property.
  • Condo association budget doesn't meet current underwriting guidelines.
  • Condo questionnaire doesn't meet current underwriting guidelines.
  • Condo used to be a Hotel/Condo Hotel. (Condotel)

We offer loans for the entire state of Florida and all of the following cities;
Monroe County Florida Cities; Big Pine Key, Islamorada, Key Colony Beach, Key Largo, Key West, Long Key, Marathon, Marathon Shores, Sugarloaf Shores, Summerland Key, and Tavernier
Collier County Florida Cities; Marco Island, Naples Golden Gate, Lee County Florida Cities: Alva, Boca Grande, Bonita Springs, Buckingham, Captiva, Cape Coral, Fort Myers, Fort Myers Beach, Lehigh Acres, Sanibel. Jacksonville, Tampa, Saint Petersburg, Hialeah, Orlando, Fort Lauderdale, Tallahassee, Hollywood, Pembroke Pines, Miami, Palm Beach, West Palm Beach, Boca Raton, Miramar, Sarasota, Gainesville, Bradenton

Got A Question?

Thanks and we look forward to working with you on your mortgage needs!

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