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Condotel Financing Florida Mortgage Programs

Florida Condotel Financing Mortgage Programs

What is a Condotel?

Condotels are condominiums that have been converted into resort or hotel-style living. Owners can have their units rented out while not occupying in order to generate supplemental income.

Condotel properties are often treated like second homes and are quickly growing in popularity among Florida vacationers looking for time share real estate.


Condotel Mortgage Financing Requirements:

  • Max 75% LTV for Investment Properties and Second Homes [ minimum 25% down payment ] 
  • Loan amounts up to $6 Million
  • Minimum FICO 680
  • ARM and 30 Year-Fixed Options available
  • Purchase, Rate Term and Cash-Out Refinance options available
  • Unit must have a kitchenette/kitchen with a full stove
  • Homeowners Association must not limit the days the unit can be accessed
  • Non-warrantable condominiums included
  • $200,000 minimum loan amount


Condotel Bank Statement Income Option:

  • 12 or 24 Months Personal Bank Statement Available [ use 100% of Deposits ]
  • 12 or 24 Months Business Bank Statement Available [ Monthly net income from the P&L OR income after deducting a 15% expense factor (or one that is reasonable for the line of work) from the total usable deposits ]
  • Max LTV 65% [ 35% down payment ]
  • Minimum FICO 660
  • Second Home and Investment Properties allowed
  • DTI up to 50% with compensating factors
  • ARM and 30 Year-Fixed Options available
  • Purchase and Rate Term Refinance options available

Condotel Bank Statement Income Option:

  • 12 or 24 Months Personal Bank Statement Available [ use 100% of Deposits ]
  • 12 or 24 Months Business Bank Statement Available [ Monthly net income from the P&L OR income after deducting a 15% expense factor (or one that is reasonable for the line of work) from the total usable deposits ]
  • Max LTV 65%
  • Minimum FICO 660
  • Second Home and Investment Properties allowed
  • DTI up to 50% with compensating factors
  • ARM and 30 Year-Fixed Options available
  • Purchase and Rate Term Refinance options available
  • Non-warrantable condominiums included
  • $200,000 minimum loan amount

Not allowed:

  • Structural deficiencies and certain pending litigation
  • Incomplete construction of the subject phase
  • Units without a stove top and oven – must have both
  • Homeowners Association with $0 reserves
  • Homeowners Association limits the number of days the property can be accessed

Approved/Evaluated Case-by-Case:

  •  Low HOA budget reserves – HOA delinquencies exceeding 15%
  • Condo Questionnaire must be 100% complete for Approval Commitment. No blanks or questions answered “n/a” or “unknown,” and questionnaire must pass underwriter review.
  • Condotels with less than 500 square feet allowed at a max 70% LTV
  • Condotels with kitchenettes [ including full stove top and oven ] allowed on a case-by-case basis

A Condo unit as a Condotel when units in the complex can be reserved for daily, weekly or short-term rentals.

Currently, the condotel purchase market in South Beach, Panama City, Palm Beach and Miami is trending upward with the economy. Several other Florida cities are in prime season for buying. Take advantage of the market and discuss financing for your Florida condotel with Fidelity Home Group headquartered in Orlando, Florida! 

Fidelity Home Group has experienced mortgage experts who are experts in the field of Condotel Financing. We offer top tier technology, competitive interest rates, and a commitment to help you achieve your dream of homeownership. We can be contacted several ways to help answer any questions you may have:

Call or text us at 407-955-4575
Email us at click to email.

Get Pre-Approved by Condotel Financing Florida Experts