FLORIDA NON-WARRANTABLE CONDO LENDERS

FLORIDA NON-WARRANTABLE CONDO LENDERS –
Warrantable vs Non-Warrantable NON-Warrantable FL Florida Condos

Thinking about buying a condominium in NON-Warrantable Florida? The first thing you will need to determine is whether you are buying a “warrantable” or “non– warrantable”NON-Warrantable FL Florida condo.

FLORIDA CO-OP MORTGAGE LENDERS TERMS
The ARM is a 1st mortgage adjustable rate loan with principal and interest payments amortized over 30 years.

3/1 ARM: Rate is fixed for 3 years.
5/1 ARM: Rate is fixed for 5 years.
7/1 ARM: Rate is fixed for 7 years.
30 Year fixed for 30 years.

FLORIDA CO-OP MORTGAGE LENDERS SUMMARY

Up to 80% LTV
Credit scores as low as 680
Loans up to $3 million
New construction: minimum 25% sold & closed
Up to 43% DTI
High and low-rise non-warrantable co-op condos acceptable
Florida Owner-occupied, second homes, and investment properties
No MI required
No reserves required

Co-op Non Warrantable Condo and Condotel Mortgage Lenders

WARRANTABLE NON Warrantable FL ORIDA CONDO LENDERS
When a NON Warrantable FL orida condo is identified as a warrantable that means it meets Fannie Mae’s and Freddie Mac’s conventional guidelines and Fannie Mae and Freddie Mac will buy the loan. Typically, a NON Warrantable FL orida condo is considered warrantable if, for instance:

No single entity owns more than 10% of the condo units in a project, including the developer
At least 51% of the condo units are owner-occupied
Fewer than 15% of the condo units are in arrears with their association dues
There is no litigation in which the condo homeowner’s association (HOA) is named
Commercial space account for 25 percent or less of the total condo building square footage

NON-WARRANTABLE FL ORIDA CONDO LENDERS

A NON-Warrantable Florida non-warrantable condo is a condo property in which the loan is not eligible to be sold to Freddie Mac or Fannie Mae, and as such, NON-Warrantable FLorida mortgage lenders for this type of property is considered by most banks to be more “risky.” Freddie Mac and Fannie Mae would consider a condo to be “non-warrantable” if, for instance, the condo:

Is in a NON Warrantable FL condo development which has yet to be completed
Is in a NON Warrantable FL condo development which allows for short-term rentals
Is in a NON Warrantable FL condo development where one person or entity owns more than 10% of all units
Is in a NON-Warrantable FL condo development where less than 50% of the occupants in a complex are the owners
Is in a NON-Warrantable FL condo development involved in litigation of any kind regardless of whether the building is suing another party, or is the party being sued.

Some of the common NON-Warrantable FL orida condo types which fall into the non-warrantable category include condo-hotels, timeshares, fractional ownership properties, and other projects which require owners to join an organization, such as a golf club.
NON-Warrantable FLorida non-warrantable condo lenders is an expert in providing residential mortgage loans for non-warrantable condos and has been active in this business for over 10 years. We have excellent non-warrantable condo loan programs and rates for loans of this type. Please contact us for your current financing needs.

Call Now: 1-954-667-9110

FLORIDA NON-WARRANTABLE CONDO LENDERS –

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