To purchase a house in Florida you have to find an experienced loan officer who will know about financing a condominium in Florida. Each state can have different rules and regulations. For example FHA can have limits for 1-4 unit buildings.
The Sunshine State ‘Florida’ is known for its natural beauty and balmy climate. The economy of the state mainly relies on tourism, transportation and agriculture. Florida is also famous for winter vegetables, amusement parks, orange crops and the Kennedy Space Center from where Neil Armstrong began his journey to the moon. If you
Did you know that Walt Disney World Resort in Orlando, Florida is most visited recreational resort on the planet? Bailey-Matthews National Shell Museum in the city of Sanibel is home to 2 million shells and it is claimed that this is the only museum in the world that’s solely devoted to mollusks.
More fun facts about Florida? Clearwater in Florida has the highest rate of lightning strikes. The famous Boggy Bayou Mullet Festival is celebrated in Niceville in October. Two lakes that are naturally round are located in the city of DeFuniak Springs.
These facts are fascinating, right? But, what’s even more interesting is the condominiums market of Florida and what how hard is a financing a condominium in Florida ?
Momentum is shifting towards the condo market of Florida and it is certainly becoming a buyer’s market. If you’re looking to buy a condominium in , you need to be aware of options of financing a condominium in Florida. So, what loan options do you have?
Condominium mortgage applicants in Florida will mostly find that getting a mortgage for a condominium is more complex than for a detached single family home. Additional requirements exist for condos in Florida that are not found in other types of homes. To get financing for a condo in the sunshine state, it is important that you seek out a mortgage lender experienced in mortgages for condomoniums.
Some important additonal condo mortgage requirements that you should be aware of are discussed below. When living in a condominium complex in Florida, the owners of the unit will have to pay association fees. If 15% percent or more residents are thirty days behind on their association charges, most mortgage companies will refuse financing. New condominium complexes and units in Florida come with minimum criteria of sold units. Most mortgage lenders will only finance the condo if at least 49% of units are under contract or sold.
Don’t fret, at Loan Consultants we make getting mortgage for a condo simple for you and we can help you get your dream condo in Florida. If you have been denied a home loan or have any questions about real estate or mortgage please contact the author, Matt Herbolich, MBA, JD, LLM. At Loan Consultants we work when you work, so feel free to contact us any time.