Qualifying For Condo Hotel Mortgage Loan

This BLOG On Condo Hotel Mortgage Loan Requirements And Guidelines Was UPDATED On June 27, 2017

Condo Hotel Mortgage Loan Programs in Florida, California, Illinois, Texas, Georgia, Michigan, Indiana, is gaining a lot of popularity recently.

  • I am seeing a sharp increase in processing Condotel Mortgage Loans in California and Florida this year. 
  • I am also getting many inquiries on potential Condo Hotel buyers in California and Florida and one of the questions I get asked often is if they need good credit to qualify for a Condo Hotel Mortgage Loan. 
  • The  answer is yes. 
  • I specialize in Condo Hotel Mortgage Loan Programs and also specialize in helping mortgage loan borrowers with prior credit problems like bankruptcy, foreclosure, judgments, collections, charge offs, and tax liens. 
  • I can work with residential property home purchasers who have had bad credit. 
  • As a matter of fact, I can work with folks whose credit scores are as low as 500 FICO with open collections as long as the mortgage loan applicant has been timely with paying their bills for 6 consecutive months. 
  • However, things are different will Condo Hotel Mortgage Lending.

Condo Hotel Mortgage Loan Program

The Condo Hotel Mortgage Loan Program available are 30 year adjustable rate mortgages.

  • We have a Condo Hotel Purchase Mortgage Loan Program, a Condo Hotel Mortgage Rate and Term Refinance Program, and a Condo Hotel Mortgage Cash Out Refinance Program. 
  • Condo Hotel Mortgage Interest rates depend on whether the Condo Hotel owner is an owner occupied Condotel owner or whether the Condo Hotel is a second home or the Condotel is an investment home.

Credit Requirement For Condo Hotel Mortgage Financing

The maximum Loan to Value for a second home or investment Condotel purchase loan is 75% and there is a minimum of a 680 credit score requirement.

  • For those Condo Hotel mortgage applicants who do not qualify because their credit scores are not at least 680 FICO, no need to fear. 
  • I will work with you in boosting your credit scores up. 
  • There are a variety in improving your scores and it might take a few days or a few months. 
  • There is no charge for repairing your credit or improving your credit scores. 
  • If you have an interest in getting approved for a Condo Hotel mortgage loan, you can apply online at www.gustancho.com
  • Just click on the APPLY NOW  icon on the top left corner of the website. 
  • Please contact me if you have any questions on Condotel Financing or bad credit mortgage loans.
Gustan L. Cho NMLS ID 873293
Condo Hotel Mortgage Lending Specialist and Bad Credit Mortgage Lending Specialist
The information contained on Gustan Cho Associates website is for informational purposes only and is not an advertisement for products offered by The Gustan Cho Team @ Gustan Cho Associates or its affiliates. The views and opinions expressed herein are those of the author and/or guest writers of Gustan Cho Associates Mortgage & Real Estate Information Resource Center website and do not reflect the policy of Gustan Cho Associates Lenders Network, its officers, subsidiaries, parent, or affiliates.

Comments are closed.