Tag: floridamortgagecalculator

Some Florida condo listings come with a catch that has nothing to do with the view. One sentence, asked before any talk of price, brings it to the surface: “Before we talk price, is this project warrantable, and if it is not, why not?” Warrantable means the condo project meets the standards that conventional condo financing expects. Whether a project is warrantable shapes which financing you can use on that unit. Here is when to use the line: When the listing is a condotel. When it is a time share or a fractional ownership property. When the project requires owners to join an organization, such as a golf club. When it is a manufactured housing, houseboat or motorhome project. The first three are common non-warrantable property types. The last group is not legally considered real estate, so those projects are excluded from warrantability. How you ask it matters too. Ask it before price or offers come up. Then stop and let the agent answer. Skip the “just curious” and leave the pause alone. A plain question gets a plain answer. Take that answer to your loan officer before you write an offer. We offer specialized condo financing for Florida buyers, and we can walk you through what the answer means for your options. Call us 7 days a week at (386) 456-6380. ? original sound – Fidelity Home Group® – undefined

Your rate quote checks you. It never checks the building. A quote looks at your credit, your income and your down payment. A Florida condo loan adds a second review that no quote covers, and that review is of the condo project itself. So a Florida condo loan is really two reviews. One is of you as the borrower. The other is of the building. A rate quote built on your credit and income only answers the first. The building review asks whether the project is warrantable. In plain terms, that means whether the condo project meets the standard tests lenders apply to the building. Typically, a condo is considered warrantable when: No single entity owns more than 10 percent of the units. At least 51 percent of the units are owner occupied. Fewer than 15 percent of the units are behind on association dues. The homeowners association (HOA) is not named in any lawsuits. Commercial space is 25 percent or less of the building’s total square footage. Every one of those tests is about the building. None of them is about the buyer. That means two units at the same price can face very different financing paths because of what is happening inside the association. The word “typically” matters. Applying these tests means looking at each project’s real situation, one building at a time. That is where experience counts. With over 20 years of mortgage experience, we know Florida’s mortgage programs, the mortgage markets and the neighborhoods. Buying a Florida condo or planning a refinance? Ask your loan officer to look at the building early, so the right program is matched to the project from the start. Call us 7 days a week at (888) 259-2257. ? original sound – Fidelity Home Group® – undefined

Most borrowers judge a lender by the rate. What they remember afterward is whether they always knew where their loan stood. At Fidelity Home Group, one small tool answers that: automated milestone tracking. Here is how it works. You apply through our online application portal. From there, automated milestone tracking lets you follow each step of your purchase loan or refinance without having to call and ask. A status tracker sounds like a minor feature. It settles the question borrowers ask most while a loan is in progress: where is my file right now? Clients notice. A buyer who financed a home with us in Naples said our communication was excellent and that we kept them updated on their loan progress. They plan to use our service again. The tracker works alongside people. You also have direct access to a dedicated mortgage expert seven days a week. The update tells you which step you are on. Your expert explains what that step means for you. We call it our Tech + Touch approach. One thing you can use with any lender: before you apply for a purchase loan or a refinance, ask exactly how you will know where your loan stands at each step. How would you want to be kept updated during your loan? ? If you are buying or refinancing in Florida, start an application with us and see the milestone tracking for yourself. ? original sound – Fidelity Home Group® – undefined

Self-employed? Your mortgage application follows the same rules as everyone else. What changes is how lenders verify your income. When you are self-employed or a business owner and you want to buy a home, you fill out the same application as everyone else. The same factors are considered: your credit score, how much debt you have, your assets, and your income. So what is different? When you work for someone else, lenders go to your employer to verify the amount and history of that income, and how likely it is you will keep earning it. When you work for yourself, there is no employer to call. Your income has to be documented another way. That is the part our Mortgage Experts walk Florida business owners through, along with the Non-QM options built for borrowers whose income does not fit the standard employer check. Learn more: https://www.fidelityhomegroup.com/self-employed-mortgages/ Self-employed in Florida and thinking about buying? Call or text us at 407-955-4575. ? original sound – Fidelity Home Group® – undefined

The mortgage application looks the same whether you work for yourself or for someone else. The income verification is where things change. When you are self-employed or a business owner and you want to buy a home, you fill out the same application as everyone else. The same factors are considered: Your credit score How much debt you have Your assets Your income So what is different? When you work for someone else, lenders go to your employer to verify the amount of that income, its history, and how likely it is you will keep earning it. When you work for yourself, there is no employer to call. Showing that your income is steady falls on you and your business. That is the one key difference. It is also the part we walk Florida business owners and self-employed buyers through before they apply. Not sure how your income will be viewed? Let’s talk through your numbers. Call us 7 days a week at (386) 456-6380. ? original sound – Fidelity Home Group® – undefined

An FHA mortgage could make homeownership more accessible than you think. FHA loans are popular with first-time and repeat homebuyers because they may offer: ? Down payments as low down payment ? original sound – Fidelity Home Group® – undefined

Your dream Florida condo just got flagged by every major lender. Here is who actually says yes. A non-warrantable condo is a unit or project that does not meet Fannie Mae and Freddie Mac eligibility criteria. When that happens, most lenders walk away and treat the deal as too high risk. A condo can be labeled non-warrantable for reasons like: New construction still selling out Owners lacking control over the HOA An underinsured master insurance policy Low HOA reserves A high percentage of non-owner-occupied units Short-term rentals allowed in the building A single entity owning more than 10% of the units Ongoing litigation involving the owner or developer Any one of these can stop a standard mortgage cold. That does not mean the condo is unfinanceable. It means you need a lender who works these files every day. That is what we do. Non-warrantable condo loans are hard to find in Florida because most lenders do not offer them. We do, and we know how to turn a flagged unit into a closed loan. Have a condo that traditional lenders rejected? Call us 7 days a week at 407-955-4575. ? Link in bio ? original sound – Fidelity Home Group® – undefined

Your Florida condo might qualify for conventional financing, but only if it clears five specific hurdles. A condo is considered “warrantable” when it meets the conventional guidelines set by Fannie Mae and Freddie Mac. That matters because it’s what makes your unit eligible for a conventional mortgage, which usually means better terms and more buying power for you. Here’s what “warrantable” generally comes down to: No single entity, including the developer, owns more than 10% of the units in the project. At least 51% of the units are owner-occupied. Fewer than 15% of the units are behind on their association dues. There is no ongoing litigation involving the homeowner’s association (HOA). Commercial space makes up no more than 25% of the total building square footage. If your development clears those, the financing side gets a lot friendlier. Warrantable condo highlights include a minimum credit score of 620, down payments as low as 3%, and debt-to-income ratios under 50%. Not sure where your condo development stands? We finance warrantable, non-warrantable, and condotel properties, and our Mortgage Experts can check whether your building is currently approved for a conventional mortgage. Call us 7 days a week at 386-456-6380. ? original sound – Fidelity Home Group® – undefined

You qualify. The building might not. Here is what most condo buyers never see coming. Most condo buyers walk in confident. Credit is solid, income checks out, down payment is ready. What catches them off guard is learning the building itself has to qualify too. Condos carry a financing layer most borrowers never see coming: the association’s finances, the owner-occupancy ratio, the project’s legal structure. A buyer who qualifies perfectly on paper can still hit a hard stop. Condotels and non-warrantable condos follow entirely different financing rules. Loans up to $2 million exist for these property types, but only through lenders who carry the specialized products built for them. Working with a lender who handles both conventional and specialized condo products means the diagnosis happens early, before you are deep into a deal you cannot close. Buying a condo in Florida? Get the diagnosis before you get the surprise. Call us 7 days a week at 407-955-4575 to find out which financing lane your building sits in. ? original sound – Fidelity Home Group® – undefined

? Florida Coastline Investors secured a 75% LTV condotel loan in Destin. Avoid HOA restrictions and maximize your rental income. Start your home purchase qualifier with no personal info. Get your rate quote now. ? Link in bio #FloridaRealEstate #CondotelLoans ? original sound – Fidelity Home Group® – undefined