Having Trouble Getting A Mortgage on a Condo? We can help!
Many are struggling to get financing on condos in Fort Lauderdale and South Florida. One of the main issues is due to the condo project not having enough reserves. Fannie Mae & Freddie Mac require the condominium to be putting away 10% of their revenue in reserves per year. If they are not there is a way around it if they are setting enough aside for future repairs. Not only are we one of very few lenders that know how to read the financials to get around the 10% rule but we can do a 1st and 2nd mortgage so that it’s not an issue.
If you are buying a primary residence we can help you get financing if they are not showing enough reserves by doing a 75% Loan to Value 1st Mortgage combined with a 15% 2nd Mortgage allowing for as little as 10% down. If they are setting aside enough money in reserves we can do as little as 3% down on a condo. Call today to find out more – (954) 903-7256!