We offer Condominium Financing for virtually all condos in Alabama and Florida.

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    • ALABAMA
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    • Contact Us
  • Home
  • Condominiums
  • Primary Residence
  • Vacation Homes
  • Investment Property
  • Self Employed Programs
  • Loan Overview
  • Jumbo Loans
  • Free Prequalification
  • E-SIGN
  • Services
  • Non Prime Lending
  • Reverse Mortgages
  • ALABAMA
  • FLORIDA
  • About
  • Contact Us

Condominium Financing (including Condotels)

Recent Changes

In December of 2020 Fannie Mae and Freddie Mac issued clarifications of what makes a condominium ineligible for securitization.

According to these guidelines most condominiums in resort areas are ineligible.

There are three basic types of condominiums-

  1. Warrantable, meaning the property is eligible for Fannie/Freddie securitization.
  2. Non-Warrantable, meaning the property has characteristics making it ineligible for  Fannie/ Freddie securitization. 
  3. Condotels, are properties which have features similar to a hotel and are ineligible for Fannie/Freddie securitization.   Most resort beachfront condos fall into this category.


We offer condominium financing for virtually every condo type in Alabama and Florida.  (See below)

Warrantable Condos

  • Primary Residence up to 97% LTV
  • Second Homes up to 90% LTV
  • Investment Property up to 85% LTV 
  • Jumbo  up to 90% LTV (loan amounts up to $10,000,000) with No MI
  • All with 30 Year Fixed Rate Available


 

Non-Warrantable Condos

  • Up to 90% LTV Rate and Term with No MI, for Primary Residences
  • Second Homes up to 85% LTV with No MI
  • Investment Property up to 85% LTV with No MI
  • All with 30 Year Fixed Rates available.
  • Cash Out Refinancing Available.
  • Maximum Debt to Income 50% 
  • Loan amounts up to $10,000,000

Condotels

  • Up to 80% LTV for a Second Home Purchase, 75% LTV for Cash Out Refinance
  • Up to 75% LTV for Investment Property Purchase, or Cash Out Refinance.
  • 30 Year Fixed Rates available
  • Interest Only available
  • Loan amounts up to $10,000,000
  • Most Resort condos fall into this category

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Areas served - Alabama and Florida

  • Condominiums
  • Primary Residence
  • Vacation Homes
  • Investment Property
  • Self Employed Programs
  • Loan Overview
  • Jumbo Loans
  • Free Prequalification
  • E-SIGN
  • Services
  • Non Prime Lending
  • Reverse Mortgages
  • ALABAMA
  • FLORIDA
  • About