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Florida Mortgage Lenders Non-Warrantable Condos

Florida Mortgage Lenders Non-Warrantable Condos

WHEN YOUR FLORIDA BANK OR LENDER SAYS NO! 
WE SAY YES!
 

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80% LTV / 90% CLTV

47% DTI

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Loan Amounts to $4 Million

Minimum Loan Amount $75,000

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660 Fico

Manual U/W (AUS Not Required)

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Owner Occupied & Investment Properties

Bank Statement Program Available to 75% LTV

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Asset for Income Program Available to 75% LTV

1 Year Tax Return Program Available to 75% LTV

Florida Condominium Requirements

PreSale Florida Condominium Requirements for New Projects:

  • New Projects are defined as follows:

        Construction of the Florida Mortgage Lenders  Project has not been completed

        Having additional phases or additions pending or planned for the future

        The Builder/Developer has control of the HOA

  • Owner Occupied Transaction Pre‐Sale Requirements:

        No restriction

  • Investment Property/Second Home Transaction Pre‐Sale Requirement:

    At least 50% of the units in the Florida Mortgage Lenders  Project have been sold or are under contract to bona fide purchasers.

        The Pre‐Sale requirement can be 40% with an approved Tier II

exception. Follow standard exception request procedures.

    If the Florida Mortgage Lenders  Project is subject to additional phases or additions, the 50% Pre Sale requirement can be applied to the subject unit phase, instead of the entire project.

  • Common Areas:

    All common areas and amenities have been fully completed, installed and are in operation for use by all unit owners.

  • Other Factors:

    New Florida Mortgage Lenders  Projects that have been completed over one year ago and where over 50% of the units are still unsold will be reviewed on an exception basis. (Letter from the Builder/Developer/HOA will be required to explain why a substantial portion of the units have not sold)

    Florida Mortgage Lenders  Projects where the Builder/Developer has rented out units in the project are ineligible for financing with BOC.

Single Entity Florida Condominium Concentration

  • No single entity can own more than 20% of the total number of units in the

Florida Mortgage Lenders Project.

  • If the total number of units in the Condo Project is 10 or less, then no single entity

can own more than one unit.

Pending Florida Condominium Litigation:

  • Florida Mortgage Lenders Projects in which the Builder/Developer/HOA are named as a

party to a pending litigation, that relates to the safety, structural soundness, habitability, or functional use of the project are ineligible.

  • The following documents are required to review Pending Litigations:

    Copy of lawsuit or summary letter from the HOA attorney outlining the reasons for the lawsuit and any possible outcomes

        Current policy of the Commercial General Liability of Insurance

        Florida Mortgage Lenders  Project Balance Sheet, Statement of Cash Flows or Cash

Flow Analysis and the Current Budget

    Appraiser to address the pending litigation and any negative impact it might have on the marketability of habitability of the units.

Investor Of Florida Condos  Concentration:

  • Owner Occupied and Second Home Transactions:

        No occupancy requirement. The investor concentration of the units in the

Florida Mortgage Lenders Project does not need to be analyzed.

  • Investment Property Transactions:

    At least 45% of the units in the Florida Mortgage Lenders  Project are sold to individuals for use as their Primary Residence or Second Home.

Minimum Florida Condominium Unit Size:

  • 500 Square Feet

High Rise Florida Condominium Projects:

  • Must be typical for the area as documented by the Appraisal Report

Ineligible Florida Condominium Projects:

  • Condotels
  • Manufactured Units
  • Florida Mortgage Lenders Projects with Time Share Units/ Partial Ownership
  • Multi‐Dwelling Units
  • Co‐Ops
  • Houseboats
  • Continuing Care Retirement Communities (CCRC)
  • Tenants in Common (TIC) properties

Serving Every City in Florida!

Alachua

Altamonte Springs

Anna Maria

Apalachicola

Apopka

Atlantic Beach

Auburndale

Aventura

Avon Park

Bal Harbour

Bartow

Bay Harbor Islands

Boca Raton

Bonita Springs

Boynton Beach

Bradenton

Brooksville

Cape Canaveral

Cape Coral

Casselberry

Celebration

Chipley

Cinco Bayou

Clearwater

Clewiston

Cocoa

Cocoa Beach

Coconut Creek

Coral Gables

Coral Springs

Crystal River

Dania Beach

Davie

Daytona Beach

Deerfield Beach

DeFuniak Springs

DeLand

Delray Beach

Deltona

Destin

Dunedin

Eagle Lake

Edgewater

Edgewood

Eustis

Fort Lauderdale

Fort Meade

Fort Myers

Fort Myers Beach

Fort Pierce

Fort Walton Beach

Fruitland Park

Gainesville

Greenacres

Green Cove Springs

Gulf Breeze

Gulfport

Haines City

Hallandale Beach

Hawthorne

Hialeah

Hialeah Gardens

Highland Beach

Hollywood

Holly Hill

Holmes Beach

Homestead

Hypoluxo

Indialantic

Jacksonville

Juno Beach

Jupiter

Key Biscayne

Key West

Kissimmee

LaBelle

Lady Lake

Lake Alfred

Lakeland

Lake Mary

Lake Park

Lake Wales

Lake Worth

Lantana

Largo

Lauderdale By The Sea

Lauderhill

Leesburg

Lighthouse Point

Longboat Key

Longwood

Maitland

Marco Island

Margate

Melbourne

Melbourne Beach

Miami

Miami Beach

Milton

Minneola

Miramar

Mount Dora

Naples

Neptune Beach

New Port Richey

New Smyrna Beach

Niceville

North Miami

North Miami Beach

North Port

Oakland Park

Ocala

Ocean Ridge

Ocoee

Okeechobee

Oldsmar

Orange Park

Orlando

Ormond Beach

Oviedo

Palatka

Palm Bay

Palm Beach

Palm Beach Gardens

Palm Coast

Palmetto

Panama City

Panama City Beach

Pembroke Pines

Pensacola

Pinecrest

Pinellas Park

Plant City

Plantation

Pompano Beach

Ponce Inlet

Port Orange

Port St. Lucie

Punta Gorda

Rockledge

Royal Palm Beach

St. Augustine

St. Augustine Beach

St. Cloud

St. Pete Beach

St. Petersburg

Safety Harbor

Sanford

Sanibel

Sarasota

Satellite Beach

Seaside

Sebastian

Sewall’s Point

Shalimar

Stuart

Surfside

Tallahassee

Tamarac

Tampa

Tarpon Springs

Tavares

Temple Terrace

Titusville

Treasure Island

Valparaiso

Venice

Vero Beach

Wellington

West Melbourne

West Palm Beach

Weston

Wilton Manors

Winter Garden

Winter Haven

Winter Park

Winter Springs

About Us

We are US Mortgage Lenders. Major real estate brokerages regularly entrust their clients to our team due to our reputation for transparency, delivering on time, customer satisfaction and loyalty. With five-star customer reviews on Zillow.com and counting, you’re assured of having the backing of an experienced team.

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