Florida Condos Condominiums Mortgage

Florida Condos :: Condominiums

   Conforming ▪    VA ▪ FHA    ▪ Non-Conforming
   Primary   ▪   Second Home   ▪    Investment Property
   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
   Co-op
   Stated Income Loan
   No Doc Loan
    British - Brits Foreign National
   Jumbo & Super Jumbo Loan
   No Money Down
   Office Condos

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WE ARE CONDO SPECIALISTS

Buying & Financing a Florida Condo or Condominiums:

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 taxed separately.

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.

Condos ▪ Condo Conversions ▪ Condotels