Welcome to Condo Loans Financing Panama City Beach, Destin, 30A Miramar Fl.

Warrantable Condo – able to be sold to Fannie Mae/Freddie Mac

-No single entity owns more than 10% of the units in a project, including the developer

-at least 51% of the units are owner-occupied

-Fewer than 15% of the units are in arrears with their association dues

-There is no litigation in which the homeowner’s association is named

-Commercial space account for 35% or less of the total building square footage

-not defined as a condotel

Non Warrantable Condos  -

-Is in a development which has yet to be completed

-is in a development which allows for short term rentals

-Is in a development where one person or entity owns more than 10% of all units

-Is in a development where less than 50% of the occupants in a complex are the owners

-Is in a development involved in litigation of any kind of regardless of whether the building is suing another party, or is the party being sued

-Is not defined as a condotel 

Condotel – could contain any of the following

-Has the word hotel, motel, resort or lodge in the name

-Condo project in which any of the unit owners or homeowner’s association is a party to a revenue-sharing agreement with either the developer or another third party entity

-Condo project where the unit is not the lessee’s residence

-Projects that are managed and operated as a hotel or motel such as having maid service, check-in front desk, daily rentals, central phones , restaurants/spa on site, etc