![]() This alternative is not available for investors.įannie and Freddie are government sponsored enterprises created by Congress and regulated by them. If you're buying a condo as a second / vacation home, you would need to invest at least 25% down - the remaining 5% could come from a second mortgage. You would have to come up with 10% down payment and the remaining 15% would come for that second mortgage. If you're buying a primary residence, we can assist you in applying for a second mortgage. WHAT IF I WANT TO BUY A UNIT IN A CONDO THAT DOESN'T HAVE THE REQUIRED RESERVES. A streamlined condominium questionnaire is sent to the HOA. Budget does not need to be presented or analyzed. Limited Review criteria is less stringent. MINIMUM DOWN PAYMENT UNDER LIMITED REVIEW: Primary residence: 3% (first time homebuyers) and 5% for others. A "full review" condominium questionnaire must be filled out by the HOA to ensure the project meets other required criteria. To qualify under "full review" at least 10% of the association's budget must be allocated towards reserves. It depends on whether the condo project can be approved under a "full review" or a "limited review" by Fannie Mae or Freddie Mac. WHAT ARE THE MINIMUM DOWN PAYMENT REQUIREMENTS TO BUY A CONDO UNIT IN FLORIDA? Upon selling the loans lenders receive cash which they use to engage in further lending. Lenders sell most of their 30 and 15 year fixed rate loans to Fannie Mae or Freddie Mac. FINANCING A UNIT IN A CONDOMINIUM - FLORIDAīy: Lourdes Cuervo, Cornerstone First Mortgage. ![]()
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