Non-Warrantable Jumbo Florida Condo Condotel
Jumbo Mortgage Refinance Condotels-Condos Mortgage Miami, Sunny Isles, Fisher Island, North Bay Village, Hillsboro beach, Punta Rasa, Daytona Beach shores, Florida Non warrantable mortgage lenders or Refinance Florida jumbo Palm Beach Condotel, Non-warrantable Miami Beach condos, Condotels and Jumbo Condos in all Florida, including Fort Lauderdale, Orlando, Hallandale, Aventura, Sunny Isles, Jumbo Florida mortgage applicants can encounter unique challenges when financing non-warrantable Florida condos, condotels. Our Jumbo non-warrantable Florida condo mortgage lenders are here to help you every step of the way. Serving all of Florida, including Fort Walton Beach, Miramar Beach, Marco Island, Siesta Key, Key West, and all the beaches in Florida.
No Warrantable Jumbo Florida Condo Condotel Mortgage lenders
Florida Non-Warrantable Condos-Condotels-Program
- Super Jumbo, Jumbo Up to $30,000,000 with no seasoning & no cap on the amount of cash out!
- FICO scores down to 600
- No credit and limited credit borrowers are allowed
- Non-occupant co-borrowers allowed
- 1-year tax return / 1-year self-employed program
- Cash-out proceeds can be used as asset depletion income – a possible reverse mortgage alternative!
- Non-warrantable s, Condotels, and Condos under 500 square feet, studios, efficiencies, lofts, kitchenettes, etc.
- Unpermitted additions, unpermitted ADUs, or multiple ADUs
- Manufactured outbuildings or multiple manufactured outbuildings
- Multi-units with ADUs
- Mixed-use and other zoning
- Deed restrictions
- Properties with greater land value than structure value
- Homes on acreage and hobby farms with no acreage limit
- Vineyards with wineries
- Properties with agricultural and other exemptions
- Seasonal and off-grid properties
Non-Warrantable Condos, Condotel Mortgage Lenders
- Loans to $30MM
- Non-warrantable condos, s, and Condotels allowed
- Acreage, Hobby Farms, and unique properties allowed
- Investment properties allowed
- Foreign Nationals allowed
- Homes listed for sale are allowed
- Cash-out may be used as asset depletion income and reserves
- Pre-approvals provided
- Rush closings offered – we save loans!
Jumbo Florida Mortgage Program Information
The Portfolio ARM is a 1st mortgage adjustable rate loan with principal and interest payments amortized over 30 years. Jumbo Florida s, Condotels, Non-Warrantable Condos, and all mortgages for investment properties are amortized over 30 years and have a 15-year balloon.
- 3/1 ARM: Rate is fixed for 3 years, and then every year thereafter.
- 5/1 ARM: Rate is fixed for 5 years, and then every year thereafter.
- 7/1 ARM: Rate is fixed for 7 years, and then every year thereafter.
Non-Warrantable Condo
• Maximum 80% LTV for primary residence and 2nd homes. 75% maximum ltv for investment
• Leaseholds are allowed if the remaining term on the land lease is 30 years or longer. Leases with 15 years or more remaining are allowed on investment properties only
• Virtually all reasons for Condo to be defined as Non-Warrantable are permitted
Not allowed:
• Structural deficiencies and certain pending litigation.
• Incomplete construction of the subject phase
Approved/Evaluated Case-by-Case:
• Low or no HOA budgeted reserves
• HOA delinquencies exceeding 15%
• The financial questionnaire must be 100% complete for Approval Commitment. No blanks or questions answered “n/a”
or “unknown,” and the questionnaire must pass an underwriter review.
• Pending litigation not related to structural issues, when permitted by underwriting, is priced as Non-Warrantable.
• Condos with <500 square feet allowed at a max 70% LTV
• Coinsurance is considered case-by-case if no agreed amount endorsement is available
• Other insurance deficiencies are considered on a case-by-case basis
• Must have a full kitchen or kitchenette with a minimum two-burner built-in cooktop
Condotel
• Maximum 75% LTV for primary residence, 2nd home, or investment
• Leaseholds are allowed if the remaining term on the land lease is 30 years or longer. Leases with 15 years or more remaining are allowed for investment properties only
Not allowed:
•Structural deficiencies and certain pending litigation (please contact your AE if litigation is not related to a structural issue)
• Incomplete construction of the subject phase
Approved/Evaluated Case-by-Case:
• Low or no HOA budgeted reserves
• HOA delinquencies exceeding 15%
• Florida mortgage lenders’ questionnaire must be 100% complete for the Approval Commitment. No blanks or questions answered “n/a” or “unknown,” and the 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
• Other insurance deficiencies are considered on a case-by-case basis
• Must have a full kitchen or kitchenette with a minimum two-burner built-in cooktop
