No Condo Questionairre Condo Mortgage Lenders In Florida

Non-Warrantable Florida Condo Mortgage Lenders

No Condo Reserves Association reserves required, and Borrower reserve requirements. Also, we have no reserve requirements on any HOA insurance items. The only condo doc that we require is the master HOA insurance dec page to verify they have insurance coverage in place (do not care about deductible amounts or coverage types). Florida mortgage lenders for condos offer condo loans for warrantable and non-warrantable condos, as well as co-ops and condotels, which can be an attractive option for Florida condo refinances. Now you can cash out and refinance your Florida condo listed for sale on the MLS. And, for those who feel “priced out” of the single-family market, some condos offer a more affordable homeownership option.
No-Condo-Questionnaire Florida Condo Mortgage:

No Condo Questionnaire – No Condo Budget Florida Condo Mortgage:

• Max LTV: 80%
• Condo high-rise: The maximum number of stories is 8; over 8 is case by case. 
• Condo-Tel’s are eligible: Second home and Investment property only
• Condo Document Requirements:
• Master insurance dec page- HO3 Policy
• No Condo Questionnaire is required
• The only issue we would have with a condo is if litigation or deferred maintenance items are affecting the subject property.
• If the appraiser notes subject structure issues

No Condo Questionnaire – Borrower Requirments 

• • Loan Process:
  • • Standard wholesale process:
  • • • Condo Lender Responsibilities: Disclosures, closing docs, underwriting
      • MLO responsibilities: Processing the loan (including ordering appraisal, title, HOI) and communicating with all parties

   

  • The borrower has to have worked and lived in the USA for a minimum of 12 months

   

  • Eligible Income Types
  • • Retirement- / Fixed income
    • W2- WVOE only
    • Self-employed: min. 12-month history, 1-year tax return, P&L only, 1099 only
    • Profit Loss- Borrower Income Questionnaire –
  • Describe your business, including the types of services/goods provided, where the service/good is provided, and how you are paid:
  • What types of expenses do you have (what are the larger categories)?
  • Do your customers or clients typically pay for certain significant expenses directly (e.g., materials, supplies, or equipment), or do you pay for them and the customer or client reimburses you?
  • Does your business operate from your home, provide on‐site services, operate from a location, or do other?
  • I, the undersigned person, attest that the information contained in this form is true to the best of my knowledge, and I acknowledge and understand that misrepresentation of information in connection with a mortgage application is a federal crime punishable by monetary fines and/or imprisonment.

   

  • RENT VERIFICATION NEEDED: Last 6 months’ rent verification
  • • Borrower with gift funds
  • • • If funds are 100% borrowers, we do not require rent verification
  • Minimum / Maximum Loan Amounts
  • • Minimum:       $50,000.00
    • Max:                $1,250,000.00
  • • • Max LTV’s are reduced at minimum and maximum

   

  • Max DTI:        
  • • 60%:      660 and + TU score
  • • • To determine what the max allowable DTI will be on the loan, we use the primary wage earners Trans Union score and time on job
  • • • • 43%- Don’t meet any of the below compensating factors
        • 50%- If you meet one of the below
        • 60%- If you meet two of the below
  • • • • • Compensating Factors
  • • • • • • 660+ Score (we only use Trans Union)
            • 3+ years on current job
            • 3 months reserves PITIA (liquid funds only)

   

  • • 55%:      600-659
  • • • To determine what the max allowable DTI will be on the loan, we use the primary wage earners Trans Union score and time on job
  • • • • 43%- Don’t meet any of the below compensating factors
        • 50%- If you meet one of the below
        • 55%- If you meet two of the below
  • • • • • Compensating Factors
  • • • • • • 660+ Score (we only use Trans Union)
            • 3+ years on current job
            • 3 months reserves PITIA (liquid funds only)

   

  • No reserve requirements

   

  • NO CREDIT SCORE REQUIREMENTS:
  • • Borrower must have:
  • • • 75% LTV:
  • • • • 50% of the funds have to come from borrower
  • • • • • Other 50% can be a gift from a relative
  • • • • 6 months rent verification
  • • • 80% LTV:
  • • • • 100% of the funds have to be from borrower
        • No rent verification required

No Questionnaire Florida Condo Mortgage Lenders

99% of the non-warrantable issues will not be a problem for our financing. Unless the appraiser notes that that is an issue on the unit that we are lending on, as listed by a “subject to” on the appraisal. We will finance a non-warrantable condo, regardless of the reason, except for the reason below, because we do not require a condo questionnaire. We generally do not have a problem with non-warrantable issues, as we do not require/condition for/, or review a condo questionnaire. Also, any issues with the master condo insurance coverage is not an issue as we require the borrowers’ HOI to cover the loan amount (or RCE or 100% guaranteed replacement cost).  Condo Appraisal: Problems occur if there are any complex repairs, litigation, etc. that will make the appraisal “subject to”; we would require the repairs to be complete prior to close.

FLORIDA CONDOMINUM MORTGAGE NICHES

• • Minimum credit score: 600 (Trans Union)
  • No credit trade line requirements
  • Max DTI= 60%
  • No reserve requirements
  • No seasoning: Bk’s, short sales, deed in lieu, foreclosure (no mortgage lates in last 6 months)
  • No rent verification options
  • FTHB Eligible
  • Cash on hand allowed

Private Non-Warrantable Florida Condo Mortgage Summary

• No questionnaire, no wind HOI, NO reserves required. 20% down + 600+ Credit + Non-Warrantable, 
• Max LTV on a primary: 80%
• Minimum TU score requirement: 600
• 8 Stories Max: A high-rise condo is not eligible.
• No Min Trade line, no reserve requirments. 
• 99% of the non-warrantable issues will not be a problem for our financing. Unless the appraiser notes that that is an issue on the unit that we are lending on as listed by a “subject to” on the appraisal. We will finance a non-warrantable condo, regardless of the reason, except for the reason below, because we do not require a condo questionnaire.

Condo Mortgage Qualifying: 

1. The borrower must be approved by verifying Cash, Credit, and Capacity.
2. Condo approval includes 1. Completed questionnaire. 2. The condo budget. 3. Condo Appraisal.

Condo Mortgage Options Include: 

• • 0% Down VA-approved Florida Condos reserved for Veterans with a certificate of eligibility.
  • 3% Down HomeReady – Home Possible reserved for First Time Home Buyers.
  • 3.5% Down on FHA Mortgage reserved for only Florida FHA-approved condos.
  • 5% Down Payment for Florida primary condo homebuyers with full review.
  • 10% Down 75% First 15% 2nd Helock For Limited Review Condos.
  • 10% Down on Second Home Condo Loans.
  • 10% Down on Jumbo Condo Loans.
  • 15% Down on an Investment Property Condo Loan.
  • 10 to 25% Down for Florida Non-warrantable Condos.

Florida, No Tax Return Condo Mortgage Options

• No Doc, No W2, No Tax Return = OK         Bank Statement Deposits = OK            Jumbo No Tax Returns = OK
• Home Loan No Tax Returns =OK                1099 mortgage Lenders = OK              3 Months Bank Statement = OK
• Self-Employed Less than 1 year = OK         VOE Only Mortgage  = OK                  Asset Depletion = OK
• ITIN No Tax return mortgage = OK              Nonresident No Tax Return = OK          Pledged Assets = OK
• Asset Depletion or Pledged = OK                Business Profit Loss = OK                   DSCR Rental Income = OK

Click here to read more about No Tax Return Hollywood, Florida Condo Mortgage Lender.s

Condo Conventional Options Include: 

Hollywood, od Flor, mortgage lenders offer various options for obtaining condo loans. These include conventional, FHA, VA, non-QM, jumbo, private money, or hard money loans. Conventional loans are the most popular and may require down payments as low as 3-5% with full Fannie Mae condo approval.. In the Hollywood, Florida, Condo Market, most people have to put down larger down payments to meet the Florida condo mortgage lender’s requirements.

Basic Guidelines For Condo Approval:

• The project must have at least five single units.
• At least 50 percent of the units must be occupied by owners.
• No single owner or entity can own more than ten percent of units.
• Association dues cannot be delinquent by more than 15 percent.
• Borrowers with less than 25 percent down must pay .75 percent of the loan at closing or accept a mortgage rate that is .25 percent higher.
• All association construction must be completed if the development is more than one year old.

Hollywood, Florida, mortgage lenders will examine the association’s finances and will deny a mortgage application for units where the association’s financials are questionable or lawsuits are pending.

Why Are Condo Mortgage Rates Higher?

Florida, Condo mortgage rates tend to be higher than those for single-family homes due to the perceived risk for Hollywood, Florida, mortgage lenders. There is an added cost depending on how much equity you have. If you have less than 25 percent equity and less than perfect credit, there could be added interest rate costs for condominium mortgage rates.

If you call around shopping for a lower rate, most brokers will tell you that condominium rates are just higher, take it or leave it. If you’re getting a Fannie Mae condominium mortgage loan, you’ll take a hit of .75 percent for any mortgage loan over 75 percent loan-to-value (LTV). If you are putting less than 25 percent cash down on your home purchase, you can expect to pay a higher mortgage interest rate.

Florida Condominium Qualifications

As it is with any home mortgage loan, getting a loan for your condo purchase requires sufficient credit and steady income from employment or other sources. You will also be required to make a down payment in most cases, which ranges from 5 to 35 percent, depending on the type of loan you are getting.

Hollywood, Florida, condominium mortgage loans typically have more stringent loan-to-value (LTV) requirements than single-family homes. The condo loan-to-value is the ratio of how much your condo is worth compared to how much you owe. If you make a 25% down payment, your loan-to-value ratio would be 75%.

Condo Homeowner Association Matters

One of the biggest obstacles to getting a mortgage for a condo investment is finding an approved condo development. This is especially true for getting a Hollywood, Florida, condo mortgage.

What makes Hollywood, Florida condo home loans so difficult for many borrowers is that, in addition to qualifying based on your income and credit history, the condo homeowner association must qualify to get your loan approved. Hollywood, Florida, mortgage lenders are required to follow condominium guidelines set by Fannie Mae, Freddie Mac, and the FHA before they can approve your condo for a mortgage loan.

Condominium Mortgage Terms

Term length is the amount of time you have to repay your Hollywood, Florida, condominium mortgage loan. The choices for term lengths are typically 15 or 30 years.

If your goal is to have the lowest monthly payment possible, choose a 30-year term length for your Hollywood, Florida, condominium mortgages. If your goal is to build equity quickly, then a 15-year condo mortgage will result in a higher monthly payment; however, you will build ownership in your condo at a much faster rate than a 30-year mortgage.

As is the case with single-family homes, you will have the option of choosing a fixed or adjustable interest rate. You can even choose an interest-only loan if you need the lowest possible payment for the interest-only period of your repayment.

Buying a Hollywood, Florida, condo can be a very frustrating experience for the uninitiated because loan approval is not solely dependent on your credit history and income. Your realtor, mortgage broker, and Hollywood, Florida, homeowners’ association all have resources available to help you get to the finish line.

As with any home purchase, doing your homework on the development, homeowners association, mortgage rates, and fees can save you time and frustration on your next condo purchase.

Florida No Tax Return Mortgage Service Locations: