CONDOMINIUM FINANCING

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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, these 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 have loan programs for virtually every condo type in Alabama and Florida.  (See below)

• 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 to $4,000,000)
• All with 30 Year Fixed Rate Available

• 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 $4,000,000

• Condotels are limited to 75% LTV for a Primary Residence, Second Home, or Investment Property.
• 30 Year Fixed Rates available
• Interest Only available
• Cash Out Refinancing available
• Loan amounts up to $4,000,000
• Most Resort condos fall into this category