Condotel Loan Programs
Condotel loan programs have been dormant for the past several years but have now come back. Condotel loan programs are one of the most popular and fastest growing mortgage loan programs today. Condotel unit sales are soaring in California, Indiana, Texas, Florida and Illinois as well as the rest of the United States and Condotel loan mortgage rates start at 5.0%.
Types Of Condotel Loan Programs
Condotel loan programs are portfolio loans that are available only in 3/1 ARM, 5/1 ARM, and 7/1 ARM, amortized over 30 years. Starter rates are at 4.75% . The index is based on the one year cost maturity treasuries and the margin is set at 3.0%.
Condotel unit qualifications for condotel loan programs
To qualify for our Condotel loan programs, the Condotel unit needs to qualify. This is simply done by having the Condotel project homeowners association manager complete a one page Condotel questionnaire. The main reason for this Condotel questionnaire is to make sure that the Condotel project is financially sound with no outstanding structural and building violations by the city building department.
Once the Condotel homeowner association project manager completes the Condotel questionnaire, it is submitted to underwriting where you will get an approval within 24 hours upon receipt.
The Condotel unit needs to be a minimum of 500 square feet with at least one bedroom and a functional kitchen.
To qualify for our Condotel loan programs, the Condotel mortgage borrower needs at least a 680 FICO credit score. The maximum back end debt to income ratio is 40%. We require one year’s reserves for the subject Condotel unit housing expenses as well as the borrower’s primary residence. Reserves can be investment and securities accounts, pension, 401k, IRA, and other liquidable accounts.
Condotel loan programs mortgage processing and underwriting
If you are interested in applying for our Condotel loan programs, you can apply here at www.gustancho.com by clicking on the APPLY NOW icon on the top right of this website. Complete the full 1003 mortgage application. Once it has been submitted, we will run a soft pull credit check and evaluate your Condotel loan application. We will then tell you what rates and terms you qualify for on one of our Condotel loan programs.
Get Pre-Approved For A Condotel Loan Now
We can then issue you a pre-approval where you can shop for your Condotel. Once you have a purchase contract, we can start processing and underwriting your Condotel loan application. Normally it takes three weeks to close your new Condotel unit from the date we receive your signed Condotel loan application and required documents.