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Post Info TOPIC: Is it hard to get a mortgage for a condo in Florida?
DennVafla


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Is it hard to get a mortgage for a condo in Florida?
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This is a topic that we frequently get asked about, especially by New Yorkers and Bay Area transplants new to Miami and South Florida. The answer is yes, depending on which lenders you ask and what type of condo buildings you're looking at.

New construction condo buildings in Florida tend to have Chapter 558 claims against the developer. This can sound scary when they use words like construction defect litigation, but it's important for you to further diligence how serious the claims are. It could be simply an opportunity for the HoA to sue the developer for more funds before any sort of warranty period runs out, or it could be for something more serious (i.e. a hazardous, serious construction defect). Only you can make this determination for yourself.

Please check out the comments section in the article linked below, where you'll find a healthy discussion re: Chapter 558 claims in Florida.

From what we've seen, many major banks headquartered in New York may be uncomfortable or unfamiliar financing in Florida, where litigation is much more common in buildings. In New York, litigation is typically seen as a red flag when it comes to financing decisions. As a result, you may have real estate agents pushing you to use obscure mortgage brokers who can find you a small, hard asset lender at high interest rates. Don't fall for it. Do your own diligence and ask the lenders you want whether they can finance in a particular building. The best is if they've done a deal in the building within the last 12 months, and especially helpful if they've done a deal after the litigation has been filed.



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SaymonSax


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This may no longer be relevant to you, but I would like to tell you.
Getting a mortgage for a condo in Florida can be a bit tricky, but it's doable! It depends on your financial situation and the lender you're working with. Some lenders might have stricter requirements for condos, so it's important to shop around and find one that's a good fit for you. One thing to keep in mind is that condos often come with additional fees, like homeowners association (HOA) fees. These can affect your mortgage approval, so make sure you factor them into your budget. I'd recommend talking to a real estate agent or a mortgage broker who specializes in condos. They can help guide you through the process and give you a better idea of what to expect.



-- Edited by SaymonSax on Tuesday 21st of May 2024 12:30:35 PM

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davidjohn68


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Thanks for sharing this informative incredibox - It highlights the need for potential buyers to be well-informed and proactive in their decision-making process.



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