When purchasing a Florida home the choices can vary greatly. Beyond purchasing a home there are other choices that include condos, town homes and villas as ownership choices. The factors that help to define the Florida mortgage options include how much land the owner is responsible for maintaining and how close the residence is to your neighbors and amenities you have.
We provide 95% to 100% financing on for
Villas, Town homes and Condos.
Villas –A villa is a large, detached structure with a comfortable amount of land surrounding it. It is very luxurious and may include amenities such as a pool, stables and gardens. A villa is very much like a single family home, in contrast to condos and town homes that are designed to house multiple families. Villas are found in less populated areas while condos and town homes are in more densely populated areas. Villas have the same maintenance and insurance requirements as a house or a townhouse. What sets a villas apart is its rich amenities and separation.
Single-Family House- is a single, detached building that is generally home to one owner or family. The owner is responsible for maintaining and insuring the entire home and the property included with the home. A house differs from a condo or townhouse in that a house is surrounded by land on all sides. A house differs from a villa in that a house does not include the rich amenities that a villa includes.
Condos- Condo owners have the title to the condo interior walls of the condo and do not own the land on which the condominium sits. Insurance for a Condo is generally less expensive for a condo owner than for the owner of a house because the condo owner is only responsible for insuring damage or accidents that may happen inside the Florida condo unit. The buildings, land, exterior areas, and all public areas are insured by the condo association. Florida mortgage lenders require the condo association to fill out a condo questionnaire to determine the loan to value financing for Florida condominiums. The condo association also maintains the exterior areas of the condo unit including the lawn, siding and roofs. Florida condo associations tend to place heavy restrictions on owners for what is visible from the outside of the condo, including what can be displayed in windows or hung from balconies. Expenses paid by the Florida condo association are funded by the condo owners via association dues.
Town homes- A Florida town home owner owns the unit interior and the land on which the town home also called a town house sits. A townhome differs from a house in that a town home is not a freestanding house. Several town homes are usually connected to each other. Insurance is generally more expensive for a town home owner because the owner is responsible for the exterior areas of the unit and any patio area that is included in the owner’s title. The owner is also liable for any accidents inside or out on that owner’s part of the property. The town home association would insure the public areas, including parking lots, public buildings, sidewalks, and any recreational facilities. Town home owners commonly pay association dues. The owner is also responsible for maintaining all exterior area of the unit, including the lawn, siding and roof.