Florida Mortgage Lenders Non-Warrantable Condos
|WHEN YOUR FLORIDA BANK OR LENDER SAYS NO!|
|WE SAY YES!|
80% LTV / 90% CLTV
|Loan Amounts to $4 Million
Minimum Loan Amount $75,000
Manual U/W (AUS Not Required)
|Owner Occupied & Investment Properties
Bank Statement Program Available to 75% LTV
|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:
- 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:
- Manufactured Units
- Florida Mortgage Lenders Projects with Time Share Units/ Partial Ownership
- Multi‐Dwelling Units
- Continuing Care Retirement Communities (CCRC)
- Tenants in Common (TIC) properties
Serving Every City in Florida!
Bay Harbor Islands
Fort Myers Beach
Fort Walton Beach
Green Cove Springs
Lauderdale By The Sea
New Port Richey
New Smyrna Beach
North Miami Beach
Palm Beach Gardens
Panama City Beach
Port St. Lucie
Royal Palm Beach
St. Augustine Beach
St. Pete Beach
West Palm Beach