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
Leaseholds allowed if remaining term on land lease is 30 years or longer. Leases with 15 years or more remaining allowed for investment properties only
Structural deficiencies and certain pending litigation
Incomplete construction of the subject phase
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 <500 square feet allowed at a max 70% LTV
Coinsurance is considered case-by-case if no agreed amount endorsement is available
Condotels with kitchenettes 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 Florida Condotel Mortgages. 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:
Rates posted assumes 25% down payment, and an ARM rate first mortgage on a Florida condotel, primary residence. Additional required amounts such as taxes, insurance, home owner association dues, assessments, flood insurance or other such required payments should also be considered. Not all individuals will qualify for a mortgage loan. Rates cited are for instructional purposes only; current rates are subject to change at any time without notice. **Posted APR is based on Mortgage Assumptions.