Condotel Mortgages And Non-Warrantable Condo Financing
This BLOG On Condotel Mortgages Was UPDATED On June 23, 2017
What’s New About Condotel Mortgages?
The Gustan Cho Team are experts in Condotel Mortgages and Non-Warrantable Condominium Financing.
- We can help Buyers who are interested on Condo Hotel units or Condotels
- Condotel Unit owners can also refinance their condo hotel units
Condotel Application Process
The Condotel Application Process is a two step mortgage process:
- The first stage of the application process is that the condotel unit buyer needs to be qualified
- The second stage is that the condotel unit and condo hotel complex needs to be approved
Condo Hotel Complex
- Condotel Lenders want to make sure that the Condo Hotel Complex is in good structural condition and financial condition.
- Condominium Questionnaire needs to be completed by the Condo Hotel Complex HOA Manager.
- Condotel Lender are portfolio lenders and want to make sure that the Condo Hotel Complex does not have major pending litigation and has sufficient reserves.
- Condotel Unit Mortgage Applicants can apply online on this website by clicking APPLY NOW
- Condotel Pre-Approval Process is similar to residential mortgages like FHA and Conventional Loans.
Condotel Financing Requirements
There is no cap on investor concentrations with Condotel Financing mortgage loans at all.
- Minimum credit scores borrowers need to have is 680 FICO
- One year reserves for main residence and proposed Condotel purchase P.I.T.I.
- The loan to value with a Condo Hotel purchase mortgage loan is a 75% loan to value on primary and second home condotel mortgages.
- 60% Loan To Value on Condotel Mortgages if borrower already owns two or more properties.
- A single entity may own more the 10% of the condotel units in a project.
- The loan to value with a condotel refinancing is 75% for rate and term.
- Condo Hotel unit owners need cash-out refinance mortgages on a free and clear unit, the maximum loan to value on a cash-out refinance is that is 50% loan to value.
Minimum Credit Scores on Condotel Financing
There is a minimum credit score requirement.
- The minimum credit score to qualify for Condotel Financing is 680 FICO.
- If your credit scores fall below that, I can help you boost your credit scores or repair your credit so we can get you to the 680 credit score requirement.
- We offer 3/1 ARM, 5/1 ARM, and 7/1 ARM Condo Hotel Mortgage Loan Programs, amortized over 30 years.
- There is no maximum loan size on Condotel Financing Mortgage Loans.