Tampa Florida Condo Financing Mortgage Loan, Best Rates! 

How do you know if a condo qualifies for a Mortgage in Tampa Florida?

Here are the ways that we get Tampa Florida Condos Approved and Closed.

• The condo project is already approved for a conventional loan and is on the Fannie Mae Approved Condo List.
• FHA 3.5% for people occupying the condo as their primary residence the project must be on the FHA Condo Approved List.
• Veterans 0% Down wishing to use their VA benefits to purchase a condo the project must be on the HUD Approved List.
• All of these lists above are very small so don’t be surprised if the condo project you’re interested in isn’t there.
• When condo projects are not listed on the any of approved lists above we do what’s called a Spot condo review approval or we may do a limited review approval.
• “Spot” condo full review is how we get the condo unit approved for the low down payments listed above, We simply reviewing the condo association budget and our condo questionnaire that they complete for us to determine if the project is going to qualify for this program, it’s that simple!
• Limited Review is the way we get condos approved when that don’t meet the spot approval and it only requires that the project meet a few requirements listed below and is much easier to get approved than a “SPOT” full review because a condo questionnaire or association budget review isn’t required.
• Detached Single Family Condo projects consisting solely of detached single family dwellings do not have to meet the condo approval requirements listed above.

How do we get a Tampa Florida condo approved for a mortgage when it’s not on the Fannie Mae approved list?

• We do a Spot Condo Approval, we simply review the condo association budget and our condo questionnaire that they complete for us to determine if the project is going to qualify for this program.
• We do this in the first 1 to 5 days after your sales contract has been accepted by the seller so we know if the condo project will be approved prior to you spending money on a home inspection and an appraisal.
• About 70 to 80% of the spot condo mortgage loans are being approved.

Things we look for that would cause the “SPOT” Full Review Tampa Florida Condo Loan to not be Approved.

• The Tampa Florida condo association’s budget must allocate at least 10% or more of the associations dues revenue to funding of their reserves account or the condo association must have a reserve study done verifying that the condo association has currently enough money in its reserve accounts to cover all of the future maintenance and that they don’t need to fund the reserves at 10% or the revenue. One person or entity owns more than 10% of the units.
• Litigation for which the developer is named as a party that relates to the safety, structural soundness, habitability.
• Commercial space exceeds 25% of the total square footage of the project.
• For investment purchases only, at least 51% of the current unit owners must be primary residences and second homes. Many condo associations do not track and provide this information, which would make it a non-warrantable condo.
• If the Condo Doesn’t Qualify for a “SPOT” Condo Approval, then we can usually get your condo loan approved for a primary residence or second home with a 10% down payment and a 15% or 20% second mortgage to meet the limited review loan to value requirements listed below.

How do you know if your Tampa Florida Condo will qualify for a Fannie Mae Limited Condo Review?

A Limited Review only requires that the project meet a few requirements listed below and is much easier to get approved than a “SPOT” approval because a condo questionnaire or association budget review isn’t required; they allow this because the down payment requirement is higher.

• The developer has transferred control of the association to the individual unit owners.
• No litigation for which the developer is named as a party that relates to the safety, structural soundness, habitability
• The project must be 100% complete with no additional phases to be built.
• At least 90% of the total units sold and close.
• Must not be a resort condominium or condotel.
• No one entity can own more than 10% of the units.
• Commercial Space can’t exceed 25% of the total project.

Tampa Florida Condo Limited Review Buyer Requirements.

• Primary residences 25% down payment.
• Second homes 30% down payment.
• Investment not allowed
• Minimum Credit Score 620

Can you get a Tampa Florida Condo Mortgage if the condo association doesn’t have 10% of their revenue budgeted to fund reserves?

Yes, you can for primary residences and second homes!
For primary residences, you have to put down 25% and second homes you have to put down 30% which allows us to do a limited condo review and we don’t need to worry about the condo Assoc budget. If you don’t have 25% or 30% to put down, don’t worry we can do a second mortgage so that you only have to put down as little as 10% for a primary residence and 15% for a second home.

Can you get a Tampa Florida Condo Loan with less than 25% or 30% down payment?

Yes, For primary residences the way solve this is by doing a second mortgage for 15% and the buyer puts percent 10% which gives us a total down payment of 25% which allows us to do a limited condo review in which we don’t need to review the budget at all.

Do You Have To Put 20 Percent Down On A Tampa Florida Condo?
No, you don’t.