FL CO-OPS-FL CONDOTELS-NON-WARRANTABLE CONDO LENDERS

Co-op -Non Warrantable Condo – Condotel Mortgage Lenders
Co-op Non Warrantable Condo and Condotel Mortgage Lenders

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 – NON-WARRANTABLE 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 90% LTV
Credit scores as low as 500
Loans up to $3 million
Up to 100% investor concentration
New construction: minimum 25% sold & closed
Up to 50% DTI
High and low-rise condos acceptable
Owner-occupied, second homes, and investment properties
No MI required- No reserves required

Co-op Non-Warrantable Condo and Condotel Mortgage Lenders

Occupancy Permitted Florida Non-Warrantable Condo Lenders

Primary Residence
Second Home (minimal rental income allowed)
Investment Property (non-owner occupied) permitted at maximum 60% LTV

Non-Warrantable Florida Condo Mortgage Lenders

1 Unit Residential:
– Condo- Non-Warrantable
– Non-Warrantable Condo
– Condotel (75% LTV max)
– Co-op Non-Warrantable
– Unique SFR or Condo (70% LTV max, but may be reduced further case-by-case)

Non-warrantable Florida condo lenders Specifications

Maximum 80% LTV/CLTV for primary residence
DTI cannot exceed 43%,

Nonwarrantable Florida Condo Cash-Out Refinance

Maximum 80% LTV with 740+ credit score, otherwise 75%
Up to $3,000,000 cash-in-hand permitted less any mortgage payoffs
Paying off a non-purchase money 2nd mortgage is defined as cash-out
No ownership seasoning required but must have settlement statement from purchase
Source and seasoning required if purchased within the prior 6 months
Proceeds from cash-out can be used to meet reserve requirement
Power of Attorney not allowed for cash-out refinances

Delayed Non-Warrantable Florida Condo Lenders

Florida Cash-out allowed if non warrantable condo loan funds within 6 months of cash purchase without LTV reduction or rate adjustment

Refinance Florida Non Warrantable Condo Listed on MLS

No Off-MLS seasoning requirement
1.0% discount point fee is required. Home can remain listed For Sale.

Refinance Florida Non-Warrantable Condo Listed For Sale

No Off-MLS seasoning requirement for borrower-paid compensation. Non warrantable condo mortgage lenders 1.0% discount point fee is required. Home can remain listed For Sale.

90-days off the MLS required for lender-paid compensation

Florida Warrantable Condo Mortgage Lenders (as defined by FNMA)

Maximum 80% Loan to Value for Florida Non Warrantable Condos
Non warrantable condo mortgage lenders questionnaire must be 100% complete for Approval Commitment. No blanks or questions answered “n/a” or “unknown,” and questionnaire must pass underwriter review.
Pending non warrantable litigation, when permitted by underwriting, is priced as Non-Warrantable
Must have a full kitchen and at least one separate bedroom. Minimum 500 square feet generally required. Efficiency or non warrantable studio units are not permitted.maximum 80% LTV
Leaseholds allowed if remaining term on land lease is 30 years or longer
Virtually all reasons for non warrantable Condo to be defined as Non-Warrantable are permittedNot allowed:- Structural deficiencies and certain pending litigation (please contact your AE if litigation is not related to a structural issue)
– Incomplete construction of the subject phase

Non Warrantable Condos Approved/Evaluated Case-by-Case:

– Low non warrantable Condo HOA budget reserves

– HOA non warrantable Condo delinquencies exceeding 15%

Non warrantable condo mortgage lenders questionnaire must be 100% complete for Approval Commitment. No blanks or questions answered “n/a” or “unknown,” and questionnaire must pass underwriter review.
Pending non warrantable Condo litigation not related to structural issues, when permitted by underwriting, is priced as Non-Warrantable.
Non warrantable Condo Must have a full kitchen and at least one separate bedroom. Minimum 500 square feet generally required. Efficiency or non warrantable Condo studio units are not permitted.
Coinsurance is considered case-by-case if no agreed amount endorsement is available

Non warrantable Florida condo mortgage lenders will define a Condo unit as a Condotel when units in the complex can be reserved for daily, weekly or short-term condotel rentals.

Number of Florida Non Warrantable Condo loans

Number of Florida non warrantable condos financed limited to 10 with some exceptions made for very high net worth Non warrantable condo mortgage applicants. Please note reserve requirement applies to all properties owned (see Reserve Requirement & Rental Income sections).

POPULAR FLORIDA NON-WARRANTABLE CONDO PAGES INCLUDE:

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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