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Primary ▪ Second Home ▪
Warrantable Condo & Non Warrantable Condo
High Rise & Low Rise
Condotel or Condo Hotel: A condotel is a project that, although the units
are individually owned, is operated as a commercial hotel offering short-term
occupancy. It often includes amenities such as rental or registration desk, food
and telephone services, and daily cleaning services.
Condominium Conversion Project ▪ Recent Condo Conversion
No Doc Loan
British - Brits Foreign National
Jumbo & Super Jumbo Loan
No Money Down
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150 MORTGAGE PROGRAMS
Buying & Financing a Florida Condo or
This type of housing has different ownership from a single-family detached home.
With a condo, you generally get exclusive ownership to the interior space of
your particular dwelling unit, but you own the common areas (walls, grounds,
fences, facilities) with the other owners in the complex. A condo owner actually
owns the apartment in fee simple, like any other homeowner, and owns an
undivided interest in the common areas like parking lots, recreations areas,
lobbies and hallways.
Property taxes: Because condos are owned individually, they appear in the
property tax rolls as separate entities and, accordingly, individual owners are
Since Condos are considered real property,
condos qualify for homestead exemptions (owner occupied) in Florida. Condo
developments are governed by covenants, conditions and restrictions. These
dictate the owners' rights and the restrictions on those rights.
You become a member of the homeowners' association and pay dues. The dues cover
management of the homeowners' association, hazard insurance for the complex and
a certain amount of routine maintenance. Precisely what is covered varies.
The cost of the condo association dues will be included as part of your monthly
housing payment when calculating how much house you can afford to buy.
The purchase agreement should include a contingency that the seller provide the
buyer with condo documents, the articles of incorporation and the bylaws of the
homeowners' association. This should include notification of any ongoing
litigation and any special assessments.
You should receive a copy of the condo budget, which should be a sound, balanced
budget with reserves to cover the cost of major repairs like roofing or
elevators. You will also be told what is the monthly maintenance fee. You can
also ask for the minutes of condo meetings for the past year. This will tell you
if any major renovations or changes are being discussed, and give you some
insight into the way the property is run.
Florida Mortgage Corporation will consider
most Condo projects with up to 70% - 100% concentration of "investor" units
depending upon the project.
We will consider
any condo project that makes sense. Not all condo
projects require a condo questionnaire to be completed.
Condo Conversions ▪