Finding a great condo in Florida isn’t necessarily difficult. But finding the right financing at a rate that’s reasonable may be another story. If you’re searching for a loan to cover the purchase or refinance of your Florida condo, Luxury Mortgage may have just what you need.
We have been serving Florida condo buyers and owners for many years, offering some of the most competitive rates in the marketplace and helping match condo buyers with financing solutions that make sense for their home buying needs.
What are condo loans?
A condo loan is a broad term that refers to just about any program that finances the purchase or refinance of a condominium. Condo loans can be offered in the forms of convetional mortgage products, such as 30 year fixed rate mortgages or 5 year ARMS, as well as government-backed FHA and VA loans. For condo owners who already have an FHA loan in place, an FHA streamline refinance may be available. We also offer conventional refinancing solutions to eligible borrowers.
Are condo loans easy to get?
Financing the purchase of a condominium can often be a little more complicated that financing a typical single-family home. Condos must meet certain requirements, as well as the governing home owners association (HOA). Lenders are interested in condo HOAs because their financial standing can affect the value of the individual unit.
In addition to the HOA and the condo itself having to clear certain hurdles, the borrower must also meet certain requirements. There is no standard list of requirements for condo loan eligibility, as eligibility standards can vary by loan program. In other words, if the borrower is applying for a VA condo loan, he or she must meet the requirements set forth by the VA in order for the loan to be approved. If the borrower is applying for an FHA condo loan, then the borrower must meet the eligibility requirements set by the FHA.
Why work with Luxury Mortgage?
With an office in Boca Raton, and many years of experience working with Florida home buyers, we’re no strangers to the multitude of benefits that condo living can provide. In Boca especially, condos are a popular housing choice for many families and individuals, so we’ve certainly had experience working with condo buyers, as well as those looking to refinance. Plus, we can provide a wide range of condo financing products, allowing us to serve borrowers from all walks of life and at just about any stage in their homeownership goals.
So whether you want to buy your first condo in Miami, refinance in Tampa, purchase a vacation home in Sanibel, or anywhere in between, Luxury Mortgage can help you secure a financing program that makes sense for your needs and budget.
No matter what your situation is – whether you need a low money down option, a jumbo loan for a high value condo, or just about anything else – Luxury Mortgage likely has a program that will work for you. To learn more about our condo loan programs and receive a free rate quote, simply call us toll-free.
Call us today: (888) 379-0303
Four Landmark Sq. Suite 300
Stamford, CT 06901