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
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Plant City
Plantation
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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
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Seaside
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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
