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Florida Condo Mortgage

Florida Condo Mortgage Loans

Fidelity Home Group offers mortgages for warrantable, non-warrantable and condotel property types. Warrantable condos are one that a homebuyer can finance using a conventional mortgage, after having been approved under a set of guidelines set by government-sponsored enterprises Fannie Mae and Freddie Mac. Our Mortgage Experts can check to see if your condo development is currently available for a conventional mortgage. 

Condominiums are defined differently than Single Family Homes

Condominiums are a single, individually-owned housing unit in a multi-unit building. The condominium owner holds sole title to the unit, but owns land and common property (elevators, halls, roof, stairs, etc.) jointly with other unit owners, and shares the upkeep expenses on the common-property with them. Unit owner pays property taxes only on his or her unit, and may mortgage, rent, or sell it just like any other personal property.

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Florida Non-Warrantable Mortgage

Non-Warrantable Condo Loans

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Florida Condotel Financing
Condotel Mortgage Programs

Condo mortgages come with slightly higher rates than single-family homes

  • This is because lenders view condos as slightly riskier investments due to them being run by an HOA association or condo management company
  • The lender must review the fiscal and physical health of the development

Some condos are “Warrantable” and some are “Non-Warrantable”

  • Typically, a condo is considered “warrantable” if no single entity owns more than 10% of the units in a project, at least 51% of the units are owner-occupied, fewer than 15% of the units are in arrears (behind) with their association dues, the homeowners association (HOA) is not named in any lawsuits, and commercial space accounts for 25 percent or less of the total building square footage.

*as defined by Fannie Mae and Freddie Mac (the two Government Sponsored Enterprises who purchase and sell mortgages on the secondary market)

  • A condo or co-op unit is considered “Non-Warrantable” if the project has yet to be completed, its developer has not turned over control of the HOA to the owners, the community allows short-term rentals, a single person or entity owns more than 10% of all unit, or it’s in a project where the majority of units are rented to non-owners.

*A high number of vacancies can also negatively affect the condo’s status

  • Common non-warrantable properties include condotels, time shares, fractional ownership properties, and other projects which require owners to join an organization, such as a golf club.
  • Manufactured housing projects and other developments which are not legally considered real estate are also excluded from warrantability. These include house boat and motorhome projects.

When buying a condo, ask your real estate agent to inquire about the building’s warrantability before you go any further.

Fidelity Home Group has experienced mortgage experts who are experts in the field of Warrantable, Condos, Non-Warrantable Condo, and Condotels. 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

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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

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