Condotel Mortgages: Financing For Condo Hotel Units
Gustan Cho Associates are mortgage brokers licensed in 48 states
This BLOG On Condotel Mortgages Was UPDATED On June 23, 2017
What’s New About Condotel Mortgages?
Gustan Cho Associates are experts in Condotel Mortgages and Non-Warrantable Condominium Financing.
- We can help Buyers who are interested in Condo-Hotel units or Condotels
- Condotel Unit owners can also refinance their condo hotel units
In this article, we will discuss and cover Condotel Mortgages: Financing For Condo Hotel Units.
Condotel Mortgages And 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
Condotel Mortgages: 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 is portfolio lenders and wants 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 the 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 the 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
If you need a Condo Hotel purchase mortgage loan or a Condo Hotel refinance mortgage loan, please contact us at Gustan Cho Associates at 1-800-900-8569 or text us for a faster response. Or email us at email@example.com. The team at Gustan Cho Associates are available 7 days a week, evenings, weekends, and holidays.
June 23, 2017 - 2 min read