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CONDOTEL PURCHASE QUALIFIER
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View Loan Assumptions
 Rates subject to change without notice

 Conforming Loan amounts up to $647,200 | FHA Loan Limits are specific to each Florida County
Check to See Florida FHA loan limits here

Condotel Mortgage Rates

Condotel Mortgage Financing

What is a condotel?

Condotels are condominiums that have been converted into resort or hotel-style living. Owners can have their units rented out while not occupying in order to generate supplemental income.

Condotel properties are often treated like second homes and are quickly growing in popularity among Florida vacationers looking for time share real estate.

Get the Condotel Property / Development Approved

Condotel Development Approval Request


Condotel Mortgage Financing Options:

  • Max 75% LTV
  • Second Home and Investment Properties allowed
  • Loan amounts up to $6 Million
  • Minimum FICO 680
  • ARM and 30 Year-Fixed Options available
  • Purchase and Rate Term Refinance options available
  • Non-warrantable condominiums included
  • $175,000 minimum loan amount


Condotel Bank Statement Income Option:

  • 12 or 24 Months Personal Bank Statement Available [ use 100% of Deposits ]
  • 12 or 24 Months Business Bank Statement Available [ Monthly net income from the P&L OR income after deducting a 15% expense factor (or one that is reasonable for the line of work) from the total usable deposits ]
  • Max LTV 65%
  • Minimum FICO 660
  • Second Home and Investment Properties allowed
  • DTI up to 50% with compensating factors
  • ARM and 30 Year-Fixed Options available
  • Purchase and Rate Term Refinance options available
  • Non-warrantable condominiums included
  • $200,000 minimum loan amount

 

Leaseholds allowed if remaining term on land lease is 30 years or longer. Leases with 15 years or more remaining allowed for investment properties only

Not allowed:

  • Structural deficiencies and certain pending litigation
  • Incomplete construction of the subject phase

Approved/Evaluated Case-by-Case:

  •  Low HOA budget reserves – HOA delinquencies exceeding 15%
  • Condo Questionnaire must be 100% complete for Approval Commitment. No blanks or questions answered “n/a” or “unknown,” and 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
  • Condotels with kitchenettes allowed on a case-by-case basis

A Condo unit as a Condotel when units in the complex can be reserved for daily, weekly or short-term rentals.


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Currently, the condotel purchase market in South Beach, Panama City, Palm Beach and Miami is trending upward with the economy. Several other Florida cities are in prime season for buying. Take advantage of the market and discuss financing for your Florida condotel with Fidelity Home Group headquartered in Orlando, Florida! 

Fidelity Home Group has experienced mortgage experts who are experts in the field of Condotel Financing. We offer top tier technology, competitive interest rates, and a commitment to help you achieve your dream of homeownership. We can be contacted several ways to help answer any questions you may have:

Call us at toll free at 888 259 2257
Text us at 407 955 4575

Get Pre-Approved for a Condotel Mortgage  today!

Next Step…Get Approved for a Condotel Mortgage
Florida Condotel Mortgage Financing
Fidelity Home Group

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*Assumes 2.99% APR, 20% down payment, and conforming 30-year fixed rate first mortgage on a single family, primary residence. The monthly payment you enter includes only principal and interest. Additional required amounts such as taxes, insurance, home owner association dues, assessments, mortgage insurance premiums, flood insurance or other such required payments should also be considered. Not all individuals will qualify for a mortgage loan based on the payment entered. Rates cited are for instructional purposes only; current rates are subject to change at any time without notice.  **Posted APR is based on Mortgage Assumptions. 
 
 
Copyright © 2021 Fidelity Home Group supports Equal Housing Opportunity | All Right Reserved  | NMLS Identifier 1834853. Fidelity Home Group is not affiliated with the Department of Housing and Urban Development (HUD) or the Federal Housing Administration (FHA). Fidelity Home Group is a Mortgage Corporation serving the state of Florida. Not intended for legal or financial advice, consult your own professionals if such advice is sought. This site is not authorized by the New York State Department of Financial Services. No mortgage loan applications for properties in the state of New York will be accepted through this site. Accessibility Statement  | Consent to Receive Electronic Loan Documents  |  Cookies Policy   |  Disclosures  | Email and Mobile Policy |  Fair Lending Policy  |  File a Complaint  |  Mortgage Assumptions  |  NMLS Consumer Access  |  Privacy Policy  |  Terms of Use 
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Fidelity Home Group
4700 Millenia Blvd Suite 175, Orlando, FL 32839

Hours of Operation:

Monday - Friday 8am to 7pm EST
Saturday - Sunday 10am to 6 pm EST