Blissful Mortgage Condo Specialist

The Myth About Condo Loans

The calls we get all the time are ( THE BANK  TOLD US  WE  COULD GET FINANCING AND AFTER WEEKS OR MONTHS THEY TELL US THEY CAN NOT DO THE LOAN! CAN YOU HELP US? OUR CONTRACT IS ABOUT TO EXPIRE! )  Banks especially your home town banks do not know the complexity of Florida condos. From the beach to inland condos the variations can be complex and intimidating. From primary, second home, investment or business purpose loans you need a expert in the field of condo loans to guide you along the way. We also do not just have one place to get rates for you like banks. We have a multitude of nation-wide lenders specializing in condo financing to shop the very best in rates and programs for you. Call us first TOGETHER WE'LL CAPTURE YOUR LIFE'S BLISS

Condo loans Financing Destin, 30a, Miramar Beach, Santa Rosa beach, Panama City Beach, Florida, State of Florida
Condo loans Financing Destin, 30a, Miramar Beach, Santa Rosa beach, Panama City Beach, Florida, State of Florida

Condo Types

Warranted

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 Warranted

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

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

Fast Track Limited Review Condo Loans

Warranted/Primary

As Low As 25% Down

Up To 75% LTV

15 Yr Fixed

20 Yr Fixed

30 Yr Fixed

Non-Warranted/Primary

As Low As 25% Down

Up To 75% LTV

15 Yr fixed

20 Yr Fixed

30 Yr Fixed

CondoTel

Not eligible for fast track limited review.

Second Home/Investment

 As Low As 30% Down

Up To 70% LTV

15 Yr Fixed

20 Yr Fixed

30 Yr Fixed

Second Home/Investment

As Low As 30% Down

Up To 70% LTV

15 Yr Fixed

20 Yr Fixed

30 Yr Fixed

Limited Review

1. Must not have hotel or motel characteristics.

2. No timeshare.

3. No pending litigation.


Loan Details Primary Home Condos

Down payments Warranted

As Low As 3% - 5% Down

 Up To 97% - 95% LTV

Down Payments Non-Warranted

As Low As 10% Down

Up To 90% LTV

Down Payments Condotel

As low As 10% Down

Up To 90% LTV

Loan Terms Warranted

30 yr Fixed

30 yr Interest only

5/1 Arm

7/1 Arm

10/ Arm


Loan Terms Non-Warranted

30yr Fixed

30yr Interest Only

5/1 Arm

7/1 Arm

10/1 Arm

Loan Terms Condotel

30 yr Fixed

30 yr Interest Only

5/1 Arm

7/1 Arm

10/1 Arm

Loan Details Second Home Condos

Down Payments Warranted

As low as 5% Down

Up To 95% LTV

Down Payments Non-Warranted

As Low As 10% Down

Up to 90% LTV

Down Payments Condotel

As Low As 10% Down

Up to 90% LTV

Loan Terms Warranted

30 yr Fixed

30 yr Interest only

5/1 Arm

7/1 Arm

10/ Arm

Loan Terms Non-Warranted

30 yr Fixed

30 yr Interest only

5/1 Arm

7/1 Arm

10/ Arm

Loan Terms Condotel

30 yr Fixed

30 yr Interest only

5/1 Arm

7/1 Arm

10/ Arm

Loan Details Investment Condos

Down Payments Warranted

As Low As 15% Down

Up To 85% LTV

Down Payments Non-Warranted

As Low As 20% Down

Up To 80% LTV

Down Payments Condotel

As Low As 20% Down

Up To 80% LTV

Loan Terms Warranted

30 yr Fixed

30 yr Interest only

5/1 Arm

7/1 Arm

10/ Arm

Loan Terms Non-Warranted

30 yr Fixed

30 yr Interest only

5/1 Arm

7/1 Arm

10/ Arm

Loan Terms Condotel

30 yr Fixed

30 yr Interest only

5/1 Arm

7/1 Arm

10/ Arm

Loan Details Business Purpose Condos ( No Income Doc )

Down Payments Warranted

As Low As 25% Down

Up To 75% LTV

Down Payments Non-Warranted

As Low As 25% Down

Up To 75% LTV

Down Payments Condotel

As Low As 25% Down

Up To 75% LTV

Loan Terms Warranted

30 yr Fixed

3/1 Arm

5/1 Arm

7/1 Arm

3/1 Arm Interest Only

5/1 Arm Interest Only

7/1 Arm Interest Only

Loan Terms Non-Warranted

30 yr Fixed

3/1 Arm

5/1 Arm

7/1 Arm

3/1 Arm Interest Only

5/1 Arm Interest Only

7/1 Arm Interest Only

Loan Terms Condotel

30 yr Fixed

3/1 Arm

5/1 Arm

7/1 Arm

3/1 Arm Interest Only

5/1 Arm Interest Only

7/1 Arm Interest Only

To Learn More About Home Loan Financing

We have a special loan department for home loans and special interest loans. To learn more hit learn more or visit our webpage https://blissfulmortgage.com we look forward to helping you.

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Blissful Mortgage LLC. NMLS#1668138

8730 Thomas Drive, Ste 1110 A Panama City, Florida 32408, United States

850-250-2677