FLORIDA CONDO – CONDO-TEL – CO-OP – CONDO-TEL MORTGAGE LENDERS
FLORIDA MORTGAGE LENDERS PROPERTY TYPES & FLORIDA OCCUPANCY Bank Statement Florida Mortgage Lenders For Condo-tel as a Primary, Secondary or Investment property, but you have to go full doc (1 year income), bank statements or asset depletion.

WHAT ARE FLORIDA CONDOTEL’S AND HOW DO THEY WORK?
Florida condotel is like a condominium project that is operated as a Florida hotel with a registration desk, cleaning service and more amenities along with rental options. These condotel units are individually owned. The biggest difference is that condotel unit owners also have the option to place their unit in the Florida condo-hotel’s rental program where it is rented out and managed by condotel management like any other hotel room.
FLORIDA – CONDO – CONDOTEL – CO-OP – CONDOTEL-MORTGAGE LENDERS

1 – 4 Unit Residential Properties
Acreage, Hobby Farm & Unique Property
Warrantable Florida Condo Mortgage Lenders
Non-Warrantable Florida Condo Mortgage Lenders
Condotel Florida Mortgage Lenders
CO-OP – CONDOTEL Florida Mortgage Lenders
Second Florida Homes
CASHOUT FLORIDA CO-OP – CONDOTEL CONDO, CONDOTEL
• Cashout Maximum Loan to value is 80% of appraisal value with 740+ credit score, otherwise 75% cashout Florida Condo CO-OP – CONDOTEL, Condotels.
• Up to $3,000,000 cash out Florida permitted less any Florida mortgage payoffs
• Paying off a non-purchase money 2nd mortgage is defined as cash-out
• No ownership seasoning required but must have settlement statement for the purchase
• Source and seasoning required if Florida purchased within the prior 6 months.
• Proceeds from Florida cash-out can be used for cashout refinance reserve requirement.
• Power of Attorney not allowed for CO-OP – CONDOTEL, condotel, cash-out refinances!
FLORIDA CO-OP – CONDOTEL CONDO, CONDOTEL RESERVE REQUIREMENTS
• Current reserve balance meets or exceeds 2 months of the Florida property’s HOA dues in reserves multiplied by all units in the Florida project or 10% or more reserve allocation designated in the most recent budget.
SECOND FLORIDA CO-OP – CONDOTEL HOMES
• Florida mortgage lenders will typically define a property as a second Florida home if it is (1) located in a vacation or resort area 30 or more miles from the primary residence or (2) used a college housing for enrolled dependent within 5 miles of campus)
• Short-term Florida Florida rental income is allowed on second Florida homes and generally does not constitute an investment Florida property designation. Florida rental income cannot be used to qualify. An evaluation of the 1040 Schedule E is required.
FLORIDA CO-OP-CONDOTEL- FOR INVESTMENT
• Property titled in LLC allowed (see Florida Mortgage Applicants and Title section for details)
• Maximum 60% LTV
• Gross Florida rental income is calculated by using a 12 month average of the net Schedule E income (Line 21) plus depreciation,
mortgage interest paid to banks, taxes and insurance, and HOA dues.
• Florida rental income not appearing on Schedule E may be considered case-by-case with 3 months canceled checks and a
current lease agreement. Use 75% of gross rent as gross Florida rental income.
• Immediate Florida rental income on the purchase of an investment property is allowed using 75% of the monthly rent schedule as documented by Form 1007 or 1025.
• Cash-out is allowed up to $4,000,000 with no seasoning required.

FLORIDA CO-OP-CONDOTEL- MORTGAGE LENDERS – Florida Condotel lenders will define a Condo unit as a Condotel when units in the complex can be reserved for daily, weekly or short-term Florida rentals.
• Maximum Florida Condotel 75% Loan to Value
• Leaseholds allowed if remaining term on a land lease is 30 years or longer
FLORIDA CO-OP-CONDOTEL- NON-ALLOWABLE
– Blackout dates not permitting year-round owner occupancy
– 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 HOA budget reserves
– HOA delinquencies exceeding 15%
• Florida Condotel lenders questionnaire must be 100% complete for Approval Commitment. No blanks or questions answered “n/a” or “unknown,” and questionnaire must pass underwriter review.
• Must have a full kitchen and at least one separate bedroom. Minimum 500 square feet generally required. Efficiency or studio units are not permitted.
• Coinsurance is considered case-by-case if no agreed amount endorsement is available
Florida Condotel lenders will define a Condo unit as a Condotel when units in the complex can be reserved for daily,
weekly or short-term Florida rentals.
FLORIDA CO-OP – CONDOTEL MORTGAGE LENDERS LOAN TO VALUEFLORIDA CO-OP – CONDOTEL MORTGAGE LENDERS TERMS- The ARM is a 1st mortgage adjustable rate loan with principal and interest payments amortized over 30 years.

30 Year fixed for 30 years.
3/1 ARM: Rate is fixed for 3 years.
5/1 ARM: Rate is fixed for 5 years.
7/1 ARM: Rate is fixed for 7 years.
FLORIDA CO-OP – CONDOTEL MORTGAGE LENDERS APPROVAL PROCESS
2. PRINT OUT CONDO QUESTIONNAIRE FOR ASSOCIATION TO FILL OUT COMPLETE. the questionnaire must be 100% complete for Approval Commitment. No blanks or questions answered “n/a” or “unknown,” and the questionnaire must pass underwriter review.

FLORIDA CO-OP – CONDOTEL MINIMUM & MAX LOAN AMOUNTS
• $100,000 minimum loan amount. Exceptions considered on a case-by-case.
• Co0OP Loan amount exceptions over $4,000,000 available.
FLORIDA CO-OP – CONDOTEL MORTGAGE LENDERS CREDIT REQUIREMENTS
• 680 middle score required with some exceptions allowed for lack of credit or unestablished credit.
• For co-CO-OP – CONDOTEL mortgage applicants and co-mortgagers, the lowest mid-score is used for pricing and qualification.
• Meeting the minimum credit score requirement does not automatically constitute a credit approval. A pattern of
adverse credit or overextended credit may disqualify CO-OP – CONDOTEL mortgage applicant from financing, even if the minimum credit score is met.
• Credit report is used for Pre-Approval and CO-OP – CONDOTEL mortgage lenders will also pull credit before issuing a conditional
approval. Mid-score from CO-OP – CONDOTEL mortgage lenders credit pull is used for pricing and qualification.
No Credit or Limited Credit
• No credit or limited credit profiles are allowed on a case-by-case basis for U.S. citizens.
• No U.S. credit or credit score is required for the Work Visa/Expatriate/Immigrant Program or Foreign National Program
FLORIDA CO-OP – CONDOTEL MORTGAGE LENDERS OPTIONS INCLUDE:

Primary Florida CO-OP – CONDOTEL Mortgage Lenders
Second Home Florida CO-OP – CONDOTEL Mortgage Lenders
Investments Florida CO-OP – CONDOTEL Mortgage Lenders
Cash Out Florida CO-OP – CONDOTEL Refinancing
Second Florida CO-OP – CONDOTEL Home Financing
Jumbo Florida CO-OP – CONDOTEL Loans
Low Florida CO-OP – CONDOTEL Closing Costs
Up to 80 Percent Florida CO-OP – CONDOTEL Mortgage Loans

FLORIDA CO-OP – CONDOTEL MORTGAGE MAXIMUM DEBT TO INCOME
Maximum Florida CO-OP – CONDOTEL Mortgage Lenders Debt To Income Ratio
• 43% maximum back-end ratio.
ELIGIBLE FLORIDA CO-OP – CONDOTEL PROPERTY TYPES & OCCUPANCY
Florida CO-OP – CONDOTEL Occupancy Permitted
• Primary Florida CO-OP – CONDOTEL Residence
• Second Florida CO-OP – CONDOTEL Home (minimal Florida rental income allowed)
• Investment Florida CO-OP – CONDOTEL Property (non-owner Florida CO-OP – CONDOTEL occupied) permitted at maximum Florida CO-OP – CONDOTEL loan of 60% LTV
ELIGIBLE FLORIDA CO-OP – CONDOTEL MORTGAGE REQUIREMENTS
• Minimum Down Payment 20% For Florida CO-OP – CONDOTEL Mortgage Lenders
• Title Insurance for Florida CO-OP – CONDOTELs title policy issued through a title company or closing attorney must be issued on Florida CO-OP – CONDOTEL certificate
• Leaseholds Florida CO-OP – CONDOTEL allowed on a case-by-case basis
BAD CREDIT FLORIDA CO-OP – CONDOTEL MORTGAGE LENDERS CREDIT REQUIREMENTS
• Late payments on any mortgage, installment or revolving account of 2×30, 1×60 or more will typically disqualify a
Florida Mortgage Applicants from financing. Exceptions will be reviewed on a case-by-case basis at a lower LTV.
• A pattern of adverse credit or overextended credit may disqualify Florida Mortgage Applicants from financing, even if the minimum credit score
is met. Florida Mortgage Applicants with 3x monthly income amount in unsecured consumer debt are generally disqualified.
FLORIDA CO-OP – CONDOTEL MORTGAGE LENDERS REQUIREMENTS AFTER FORECLOSURE, BANKRUPTCY, SHORT SALE
• (4)Four-year seasoning from BK discharge date or sale of property
• Maximum 60% LTV or 40% downpayment
• No derogatory credit allowed since the bad credit event
• Strong extenuating circumstance and signed letter of explanation from CO-OP – CONDOTEL mortgage applicant detailing event required.
NOT ALLOWABLE FOR FLORIDA CO-OP – CONDOTEL MORTGAGE LENDERS
– Structural Florida CO-OP – CONDOTEL deficiencies and certain pending litigation (please contact your AE if litigation is not related to a structural issue)
– Incomplete Florida CO-OP – CONDOTEL construction of the subject phase
APPROVED OR ALLOWED FLORIDA CO-OP – CONDOTEL MORTGAGE LENDERS CASE BY CASE:
– Low Florida CO-OP – CONDOTEL HOA budget reserves
– HOA Florida CO-OP – CONDOTEL delinquencies exceeding 15%
• Florida CO-OP – CONDOTEL mortgage lenders Questionnaire must be 100% complete for Approval Commitment. No blanks or questions answered “n/a” or “unknown,” and the Florida CO-OP – CONDOTEL questionnaire must pass underwriter review.
• Florida CO-OP – CONDOTELs mortgage lenders price Florida CO-OP – CONDOTELs the same as Non-Warrantable Condos, regardless of loan size or Florida CO-OP – CONDOTEL questionnaire findings.
• Florida CO-OP – CONDOTEL must pust have a full kitchen and at least one separate bedroom. Minimum Florida CO-OP – CONDOTEL size 500 square feet generally required. Efficiency Florida CO-OP – CONDOTELs or studio units are not permitted.
• Coinsurance Florida CO-OP – CONDOTEL is considered case-by-case if no agreed amount endorsement is available.
SELF EMPLOYED FLORIDA CO-OP – CONDOTEL MORTGAGE LENDERS
Self-Employed CO-OP – CONDOTEL mortgage Income calculations
• Florida Mortgage Applicants should be self-employed in the U.S. for a minimum of 2 years (max 80% LTV).
• 2-years business & personal tax returns required, plus year-to-date Profit & Loss statement.
• Business tax returns required for all businesses in which the Florida Mortgage Applicants has 25% ownership or more. On occasion
business tax returns are needed if the Florida Mortgage Applicants is has less than 25% ownership.
• Fannie Mae cash flow analysis form can be used.
• NOL Carryover Loss: Treated case-by-case when truly a one-time occurrence (i.e. real estate loss, lawsuit settlement or some other form of a truly one-time occurrence). Detailed CPA letter addressing the one-time occurrence is required.
• Less than two years self-employment is considered on a case-by-case basis with a reduced LTV.
REQUIRED BY FLORIDA CO-OP – CONDOTEL MORTGAGE LENDERS
• 2-months bank statements for monthly asset accounts, and most recent statement for quarterly asset accounts
(VOD not permitted).
• 6 months PITI for all Florida CO-OP – CONDOTEL properties owned including subject.
• At least 3 months of the subject property’s reserves must be liquid non-retirement.
FLORIDA CO-OP – CONDOTEL MORTGAGE LENDERS CASE BY CASE MORTGAGE APPROVALS
• Florida CO-OP – CONDOTEL Current reserve balance meets or exceeds 2 months of the subject property’s Florida CO-OP – CONDOTEL HOA dues in reserves multiplied by all Florida CO-OP – CONDOTEL units in the Florida CO-OP – CONDOTEL project or 10% or more reserve allocation designated in the most recent Florida CO-OP – CONDOTEL budget.
SECOND HOME FLORIDA CO-OP – CONDOTEL MORTGAGE LENDERS
• Florida CO-OP – CONDOTEL Mortgage Lenders will typically define a property as a second Florida CO-OP – CONDOTEL home if it is (1) located in a vacation or resort area 30 or more miles from the primary Florida CO-OP – CONDOTEL residence or (2) used a Florida CO-OP – CONDOTEL college housing for enrolled dependent within 5 miles of campus)
• Short-term Florida CO-OP – CONDOTEL Florida rental income is allowed on second Florida CO-OP – CONDOTEL homes and generally does not constitute a Florida CO-OP – CONDOTEL investment property designation. Florida CO-OP – CONDOTEL Florida rental income cannot be used to qualify. An evaluation of the 1040 Schedule E is required.
FLORIDA CO-OP – CONDOTEL MORTGAGE FOR INVESTMENT PROPERTY
• Property titled in LLC allowed
• Maximum Florida CO-OP – CONDOTEL 60% LTV for investor Florida CO-OP – CONDOTEL mortgage lenders.
• Gross Florida rental income is calculated by using a 12 month average of the net Schedule E income (Line 21) plus depreciation, mortgage interest paid to banks, taxes and insurance, and Florida CO-OP – CONDOTEL HOA dues.
• Florida rental income not appearing on Schedule E may be considered case-by-case with 3 months canceled checks and a current lease agreement. Use 75% of gross rent as gross Florida rental income.
• Immediate Florida CO-OP – CONDOTEL Florida rental income on the purchase of an investment property is allowed using 75% of the monthly rent schedule as documented by Form 1007 or 1025.
• Cash-out is allowed up to $3,000,000 with no seasoning required.
WHAT IS A FLORIDA CO-OP – CONDOTEL AND HOW DO I GET A FLORIDA MORTGAGE?
A Florida CO-OP – CONDOTEL or cooperative apartment is an individual living unit within a Florida CO-OP – CONDOTEL building or development where a buyer purchases shares (equal to the value of the unit) in a Florida CO-OP – CONDOTEL corporation that holds title to a building Coops are predominantly located. Normally a Florida CO-OP – CONDOTEL sponsor will buy the building (takes out the underlying Florida CO-OP – CONDOTEL mortgage) and then will sell off the shares. Therefore, when buying a coop, you are actually buying Florida CO-OP – CONDOTEL shares in a corporation, not buying real property.
HOW TO FLORIDA CO-OP – CONDOTEL BUILDINGS GET PRE QUALIFIED BY FLORIDA MORTGAGE LENDERS?
To start with Florida CO-OP – CONDOTEL lender will look at the following factors to see if a particular Florida CO-OP – CONDOTEL building corresponds with their guidelines: the Florida CO-OP – CONDOTEL property’s resale value, investor concentration, and Florida CO-OP – CONDOTEL owner occupancy. Based on the previous example, if there are 20 units, five sponsor Florida rentals and 15 sold units (with 12 owner-occupied units and 3 units being rented by the Florida CO-OP – CONDOTEL owners), the following ratios and guideline percentages result:
HOW IS A FLORIDA CO OP DIFFERENT FROM A HOUSE OR CONDO?
When you get a mortgage to purchase a house or condo you get the deed. But not with a Florida CO-OP – CONDOTEL, individual units do not have individual deeds. A Florida CO-OP – CONDOTEL mortgage is actually a “share-loan” or a loan that purchases a share within in the Florida CO-OP – CONDOTEL. The difference makes securing a loan for a Florida CO-OP – CONDOTEL more complicated them getting a traditional mortgage and fewer mortgage lenders offer share loans.
FLORIDA COOP BOARDS AND APPROVAL RULES
To buy into a Florida CO-OP – CONDOTEL, you must be approved by the Florida CO-OP – CONDOTEL board. The approval process is often extensive and may require interviews and character references, in addition to your employment, financial, and credit history. Florida CO-OP – CONDOTEL boards can refuse a prospective buyer for any reason, so long as it doesn’t run afoul of anti-discrimination policies. What you can do WITH your Florida CO-OP – CONDOTEL unit. As a Florida CO-OP – CONDOTEL shareholder, you don’t have the right of alienation where basically, you can’t sell your Florida CO-OP – CONDOTEL share (or rent your Florida CO-OP – CONDOTEL unit) without the permission of the Florida CO-OP – CONDOTEL board. Some Florida CO-OP – CONDOTEL associations have the right of first refusal, meaning they have the option to buy the property before you offer your Florida CO-OP – CONDOTEL to outside buyers. Florida CO-OP – CONDOTEL boards, though, can simply deny a sale without matching the sale price.
HOW FLORIDA COOP OWNERSHIP DIFFERS FROM CONDO OWNERSHIP
When you purchase a condominium you are purchasing a specific unit the surface and the interior walls of the unit in the space the condo contains. With a CO-OP – CONDOTEL, you are purchasing a share in a corporation, which then entitles you to a unit. This share is considered personal property rather than real estate.
FLORIDA COOP CONDOTEL REFINANCE AFTER LISTED FOR SALE
Florida Co-op Condotel Mortgage Refinance of a Property Listed For Sale
• No Off-MLS seasoning requirement for borrower-paid compensation. Florida condotel mortgage discount point fee is required. Condotel refinances ok if Home can remain listed For Sale.
• 90-days off the MLS required for lender-paid compensation
FLORIDA COOP CONDOTEL NUMBER OF HOMES FINANCED
• The number of financed limited to 10 with some exceptions made for very high net worth borrowers. Please note reserve requirement applies to all properties owned (see Reserve Requirement & Rental Income sections).