Condo and condo-hotel mortgage loans
As you know, condo purchases are often more complicated than single-family home purchases. In addition to the usual variables, condo mortgages are scrutinized and subject to many conditions that are out of buyers’ control. For example, there are non-warrantable condos (condos not meeting Fannie Mae and Freddie Mac minimum standards). These are condos with too many “unsold units” and condos with homeowner dues that are less than 85% current. Through all the challenges, we can help.
Union Mortgage has unique condo lending solutions
The condo market in the Miami and Miami Beach areas were hit particularly hard during the downturn. In response, Fannie Mae created a special list of properties that are exempt from traditional limitations. Union Mortgage is one of few lenders equipped to provide financing for these properties. We can help buyers by offering financing on:
- Condos in areas like Brickell, Miami Beach, Aventura, Sunny Isles and Downtown Miami
- Condos that are not approved by Fannie Mae or Freddie Mac
- VA condo loans with 100% financing and without mortgage insurance
- Primary residences, second homes and investment properties with only 20% down payment
- Mortgage programs for foreign nationals
Contact us for Fannie Mae List of Approved Condo Financing in Miami and learn more about how we can help you expedite the condo buying process in Miami.