FLORIDA CONDO LENDERS OPTIONS
- Florida Condo Lenders Minimum Credit Score = Minimum Credit Score 500
- 3.5% FHA mortgage down payment for FHA Approved Florida Condo Mortgage Loans.
- 100% financing for VA Approved Florida Condo Mortgage Loans.
- 3% down payment for Fannie Mae Approved Florida Condo Loans.
- 5% down payment Florida Condo Mortgage For Owner Occupied.
- 10% down payment for Second Florida Condo Mortgage.
- 20% down payment for Investment Florida Condo Mortgage Loans.
- 20% down for Jumbo Florida Condo Mortgage Loans.
- 20% down Non or Un Warrant-able Condo Lenders
- Loan Closings in as little as 21 to 30 days.
- We offer same day free same day pre approvals!
- 48 hour underwriting.
- We follow Fannie Mae underwriting guidelines and don’t add additional loan requirements like many Florida banks do!
- We see out necessary information to determine if the Florida condo mortgage will qualify for financing up front within 1 to 5 days so you don’t waste money on a Florida condo inspection and appraisal if it doesn’t qualify.
- Many years combined experience working with national Florida condo mortgage lenders.
- We work for you and only get paid when we’re successful condo mortgage closes! In most cases, our fees are paid by the Florida condo mortgage lender so clients have no out of pocket expenses for loan origination costs.
- We don’t just offer the normal Florida condo mortgage loan programs like most banks do, We offer ALL Florida condo mortgage loan programs available and we offer them without the additional underwriting requirements and loan limitations that other Florida mortgage lenders may have.
- We’re your direct access to many nationwide wholesale Florida condo mortgage Lenders.
FL CONDOS GET TURNED DOWN BECAUSE:
- Won’t accept the master condo Insurance policy.
- Require 20% down payment.
- Require at least 51% be owner occupied & second homes.
- Is listed on their not lend list.
- It’s a Non Warrantable condo or a Condotel.
- If you have the Florida condo association budget and the condo questionnaire already completed please email it to us for approval.
FLORIDA CONDO LENDERS DOWN PAYMENT REQUIREMENTS
Florida condo mortgage applicants will find that a mortgage loan approvals on a Florida Condo is more complex than purchasing a single famly house , townhouse or villa. With Florida condos there are additional requirements for these Florida mortgage transactions. The Florida Condo association must be approved via condo association questionnaire before you can secure Florida condo mortgage approval.
If the condo is on the FHA Approved List you can purchase the condominium as primary residence with a 3.5% down-payment.
|FANNIE MAE CONDO DOWN PAYMENT|
|Primary Condo Residences Down payment:||5%|
|Second Condo Homes Down payment:||10%|
|Investment Condo Property Down payment:||10%|
For Fannie Mae not Approved Florida Condos purchases, typically the minimum down payment is 25%.
We encourage that you put more money down so that we can waive the project approval requirements.
|LIMITED REVIEW CONDO DOWN PAYMENT|
|Primary Condo Residences Down payment:||25%|
|Second Condo Homes Down payment:||30%|
|Condo Questionnaire:||Not Required|
|Budget Review:||Not Required|
CONDO REVIEW PROCESS
A Florida Condo Limited Review Lender process used by Florida Condo mortgage lenders on properties for Florida condo approvals. A full review can take time and can be costly and if the Florida condo mortgage underwriter finds any flaws in the condo association’s financials and or if there are litigation issues, the Florida condo mortgage loan applicant may get their condo mortgage loan application denied. Getting a Florida Condo mortgage on a Florida condo with limited review is the way to go for projects not approved by Fannie Mae.