Qualifying for a Florida Townhouse or Villa mortgage – When you are approved for a Florida mortgage, you will be approved for a maximum monthly mortgage payment. If you are buying a house your maximum monthly payment typically includes homeowner’s insurance, but does not include the cost of utilities and maintenance. When you buy a townhouse, villa, your maximum monthly payment includes your association fee, which covers some, if not all, of your utility and monthly maintenance costs.

Florida Townhouse Loan Programs include:

• 96.5% LTV on Owner Occupied Condos= 3.5% Down payment!
• 95% LTV on Owner Occupied Condos= 5% Down payment!
• 90% LTV on Owner Occupied Condos= 10% Down payment!
• 80% LTV on Second Home Condos= 20% Down payment
• 80% LTV on Investment Condos= 20% Down payment

LTV = Loan To Value.



Many Florida home buyers want to know the difference in owning a Florida condo or town home and Florida villa compared to owning a single family home? Buying a Florida condo or town home or villa could cost you less in purchase price, but there are also association fees and restrictions that will increase your monthly housing expense. In reality, they are just different ways of assuming the responsibilities of home ownership. It can also affect have the amount of mortgage you can qualify for.

FLORIDA ASSOCIATION FEES- When you buy a Florida condominium or townhouse you become part of a Common Interest Community or Planned Unit Development also known as a PUD in which you share the responsibilities and costs within the community. The shared monthly association fees are paid monthly to maintain the association.

The typically Florida monthly townhouse and villa association fees include:

•             Pool upkeep.

•             Outside maintenance

•             Sanitation (trash removal)

•             Water/sewer (some include it, some don’t)

•             Hazard insurance covering the Townhouse or villa building structure and exterior (you should secure your own separate HO6 insurance for the interior of the home. And most Florida mortgage lenders will require you to carry an HO6 insurance policy.

Florida townhouse and villa associations are most often managed by a professional Florida management company. Most associations are self-managed by elected members of the community.

Good questions to ask a Florida townhouse or villa association before you purchase include:

  • How do they pay for major improvements – from reserves from monthly fees or from special assessments like the replacement of the roof or major structural repairs?
  • Are there any pet restrictions?
  • Do they have enough cash reserves to cover maintenance, etc?
  • Are there any plans for any major improvements to the units?

•             Do they allow rentals?  If so, how long do you have to wait before the units can be rented?

•             How is soundproofing between units?

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