MIAMI FLORIDA CONDO LENDERS
• 96.5% LTV on Owner Occupied Miami Florida Condos= 3.5% Downpayment!
• 95% LTV on Miami Florida Owner Occupied Condos= 5% Downpayment!
• 90% LTV on Second Miami Florida Home Condos= 10% Downpayment!
• 80% LTV on Second Miami Florida Home Condos= 20% Downpayment
• 80% LTV on Investment Miami Florida Condos= 20% Downpayment
• 80% Non warrantable Miami Florida Condo loans – Do not have to be FNMA Approved!
15, 20 and 30 year fixed rate Miami Florida condo loan terms available!
Florida condo mortgage applicants will find that a mortgage on a Miami Florida condo is more complex than purchasing a Miami Florida single family or town-home or villa. There are additional requirements for Miami Florida condo associations that do not exist in other typical Florida mortgage transactions. The Condo must be approved by the Florida mortgage lender via condo association questionnaire before you can get financing on a Florida condo.
MANY MIAMI FLORIDA LENDERS WILL NOT MORTGAGE CONDOMINUMS
Having trouble getting a Florida condo mortgage because the condo you are interested in is being denied by your Florida mortgage lender? Florida mortgage lenders.com offers condominium mortgage loans on many Florida condos projects that are not Fannie Mae approved and which other Florida mortgage lenders consider not financeable. Conditions include the Florida mortgage applicant must:
1. The Miami Florida condo purchase must be a primary residence = 25% down payment for a purchase or 25% equity for a refinance.
2. 2nd Miami Florida condo home loan transactions require a minimum 30% down payment for purchase and 30% equity in the Florida condo for a refinance.
Our expanded Miami Florida condo mortgage approvals for condos require no condo questionnaire, no review of the association budget and no approval of the project reserves. It may seem counter-intuitive, but no matter how strong you may be as a Florida mortgage applicant, or what the down-payment/Loan-to-Value is; most Florida mortgage lenders will not mortgage Florida condos if they fail even basic criteria of a condo questionnaire. Details of most denials include: pending litigation in the project, low % of owner-occupancy, high % of current condo owners late on their HOA fees are just a few reasons that will kill your Florida condo mortgage. It is very risky to attempt to secure financing with Florida mortgage lenders that require Condominium questionnaire approval. A result of the Florida housing market crash is that most Florida condo projects have some of the aforementioned issues. The safe and easy path to a smooth Florida mortgage process is to work through one of the very limited number of Florida mortgage lenders that do not require Florida condo questionnaire approval.
Miami Florida condo Mortgage Lenders.com is one of only a very small number of limited Lenders with Access to the Florida mortgage lenders that do not require a Florida condo questionnaire that offer these programs.
MIAMI FLORIDA CONDOMINUM MORTGAGE REQUIRMENTS
Florida Mortgage lenders have requirements for Miami Florida condo financing.
Mortgaging a Florida condominium comes with a few more requirements than a standard Florida mortgage. Condominiums are mostly part of a condo association and the reputation of that association can affect a Florida mortgage applicants chances of obtaining condo financing. Due to the number of association delinquencies many Florida mortgage lenders have raised their requirements for financing when purchasing Florida condominiums. Large down payments usually between 20-30%, association questionnaire approvals and inspections approved directly by the Florida mortgage lender are some of the requirements that Florida condo buyers must meet before they obtain a loan for a Florida condominium.
MIAMI FLORIDA CONDO ASSOCIATION FEES
Living in a Florida condominium complex usually requires the unit owners to pay association fees. Most Florida mortgage companies can now refuse financing if 15 percent or more of the residents are 30 days or more behind on their association dues. Delinquency rates in dues worries Florida mortgage lenders because it casts doubt on the association’s cash reserves and financial status.
New Florida condominium units and complexes have a minimum criterion of sold units to meet. Most Florida Mortgage Lenders now want to see at least 49 percent of the units sold or under contract before they will agree to financing.
MIAMI FLORIDA INSPECTIONS
o Condominium inspections usally take place before the Florida mortgage applicant apply for condo financing.. However, all Fannie Mae-backed Florida mortgages for condos will have to undergo an inspection by a Fannie Mae representative. This includes the complex as well as an investigation into the association’s financial situation. Previously, Florida condominium inspections were carried out but by the individual Florida mortgage lender.
MIAMI FLORIDA CONDOS REQUIRE LARGER DOWNPAYMENT
Mortgage insurance (MI) companies are currently not providing private mortgage insurance in Florida due to the large number of defaults. As a result Florida condo mortgage applicants are required to put down a minimum 20 percent down payment.
QUESTIONS TO ASK THE MIAMI FLORIDA ASSOCIATION:
1. Is the Florida condo project Fannie Mae or FHA Approved? If the answer is yes, then you may proceed as long as the Miami Florida condo is not on the Florida mortgage lender’s unbendable list (Yes, this is still possible even if a Florida condo project is Fannie Mae approved). It is important to note that some phases within a Florida condo project may be approved while others may not. This is a common mistake that can blow up many deals.
2. Am I eligible for a Miami Florida condo Project Review Waiver? (Also called a Limited Review) Primary Florida condo purchases with a 25% down payment/equity. Second Miami Florida condo home transactions with a 30% down payment/equity. Investment Properties are not eligible. Beware of lenders offering “Limited Review” of a condo but requiring a Condo Questionnaire. If a condo questionnaire is required, then it is not a limited review and you risk your loan being denied for factors not related to your individual credit worthiness. Check that your Condo is not on the lender’s list of denied projects. The Government Homeowner Assistance Program = HARP will allow you to refinance up to 125% of your home’s value if your Loan is owned by Fannie Mae or Freddie Mac. There is no project approval for these programs.
3. Can I get an FHA Loan in a Miami Florida condo that is not FHA Approved? No. Currently FHA and lenders are not allowing spot reviews of condos for FHA Loans. You should check which Condos in the area you are interested in buying are already FHA approved if you are interested in a low down payment FHA loan.
4. What is the minimum down-payment for a Miami Florida condo Loan? For purchases, typically the minimum down payment is 20%. We encourage that you put more money down so that we can waive the project approval requirements. 25%- Owner Occupied. 30%- Second Home. If the project is FHA approved, you can purchase a primary residence with a 3.5% down-payment. For Refis, if the loan is eligible for HARP- Government Homeowner Assistance Programs- Then it is possible to get a condo home loan for up to 125% of the home’s value.
ALL SITUATIONS WELCOME! MIAMI FLORIDA CONDO LENDERS