Nationwide Mortgage & Realty, LLC
Tel: 844-953-0100 Email: info@nationwidemtg.net
Friday, March 24, 2023

Nationwide Mortgage & Realty, LLC

Fast Quote
  • Home
  • About Us
    • Career Opportunities
    • Contact Us
    • Meet the Team
  • Purchase
    • Conventional Mortgage
    • Condotel & Non-Warrantable
    • FHA Loan
    • FHA 203k
    • Fix & Flip
    • Investment
    • Jumbo Loans
    • New Construction
    • Non-QM Loans
    • USDA Loans
    • VA Purchase Loan
  • Refinance
    • Cash Out & Debt Consolidation
    • Conventional Refinance
    • Condotel & Non-Warrantable
    • FHA 203k
    • FHA Streamline Refinance
    • Investment
    • Non-QM Loans
    • Reverse Mortgage
    • VA IRRRL (Streamline)
  • Loan Process
    • Application Checklist
    • Credit Repair
    • Home Buying Do’s and Don’ts
    • Interest Rates
    • Mortgage Calculator
  • Mortgage Blogs
  • Request Information
    • Apply Now
No Result
View All Result
Contact Info | Request Info
Home Condotel

Condotel Financing & Non-Warrantable Condo Loan | Wholesale Lending

byNicholas Auriemma, NMLS# 1455001
4 years ago
inCondotel, Non-Warrantable
Condotel Financing Non-Warrantable Condo Loan Condotel Loan

Condotel Financing & Non-Warrantable Condo Loan

Looking for condotel financing or a non-warrantable condo loan? Condotel and non-warrantable condo buyers often find problems when it comes to searching for non-traditional financing. We often see borrowers being told by lenders that they can do the loan and often get denied during the underwriting process because of the property type.

Cash Out and Purchase Options

  • We have cash out options for borrowers that bought condos with cash or want to cash out with favorable terms.
  • Have purchase options for condotel and non-warrantable condos for future purchases.
  • Work with someone who can make the process as simple as possible and close in a timely fashion for a condotel loan and non-warrantable condo loan.

In the mortgage industry, it is important to talk to the right person in order to make the underwriting and loan process simple. So many times we see borrowers frustrated with the loan process and giving up with a lender because they had a bad experience with their service.

Condotel Financing and Non-Warrantable Condo Loans are Portfolio Mortgages

These types of loans are hard to find financing for because not very many banks and residential lenders will underwrite loans for condotels and non-warrantable condos. Loans that do not meet the complex rules that are associated with the qualified mortgage rule are considered non-qualified mortgages or portfolio loans.

They take a more common sense approach to underwriting and a borrower’s ability to repay, which are not associated with Fannie Mae or Freddie Mac guidelines.

  • Loan Originators can be mistaken due to the extent of guidelines and not realize that their lender does not finance condotel units and non-warrantable condos.
  • Every purchase has a deadline and often the denial does not come until time and money have been invested.
  • Some lenders do not have a solution and just dismiss the borrower saying they cannot help them.

What is a Condotel

Condotels are condominium projects, which are individually owned and operated as a hotel.

  • Minimum down payment of 15%.
  • Available financing for vacation and 2nd homes up to 85% loan to value to $3,000,000.
  • On a case by case scenario, even if the rental income is claimed on the schedule E, the property can be classified as a second home.
  • Available financing for investment properties up to 85% loan to value to $3,000,0000.
  • Cash out options available for investment, vacation, and 2nd homes up to 70% loan to value.

Will Allow

  • Weekend, daily, nightly, rentals.
  • High investor concentration.
  • Individuals and entities owning more than 10% of units.
  • Has not been turned over to the home owners association.
  • Can be the 1st unit and loan in the complex.

What is a Non-Warrantable Condominium

Non-warrantable condos do not have a main desk and are not operated like a hotel.

  • Minimum down payment of 15%.
  • Financing for secondary and vacation home up to 85% loan to value to $3,000,000.
  • Can still count the money as rental income and be classified as a vacation or 2nd home even if the borrower uses the property.
  • Financing for investment of up to 85% loan to value to $3,000,000.
  • Cash out for second home, investment, and vacation of up to 70% loan to value.

Will Allow

  • High Investor concentration.
  • Can own more than 10% of units if individual or entity.
  • Allow the condo be the 1st financed condo in the complex.

Qualifying for a Condotel Loan and Non-Warrantable Condo Loan

Borrower Qualifications:

  • Minimum FICO score of 500 is required.
  • For second home and investment proprieties the maximum debt to income is 50%.
  • Allow stated income business loan.
  • Allow asset depletion – can use savings, checking, retirement, 401k, IRA, etc… as income.

Property Qualifications

  • No minimum square feet on a case by case scenario.
  • Must have full kitchen, bathroom, and separate bedroom.
  • Subject property has to be 100% residential.
  • Project/building must be greater than or equal to 50% commercial, which is determined by appraiser.
  • The minimum loan amount is $100,000.
ShareTweetShare
Previous Post

Doctor Mortgage Loan | Physician Mortgage Loans

Next Post

Compensating Factors FHA & Compensating Factors for VA Loans

Nicholas Auriemma, NMLS# 1455001

Nicholas Auriemma, NMLS# 1455001

Nicholas Auriemma is a Loan Originator at Nationwide Mortgage & Realty, LLC, providing information on mortgages that can often be confusing even to real estate and mortgage professionals. Borrowers can be discouraged because mortgage professionals can be mistaken due to guidelines always changing, the extent of guidelines, their company having an overlay (stricter guideline), or other lenders not offering a loan program. Call or text Nick anytime at 630-779-8430 or email at nick@nationwidemtg.net.

Related Posts

Cash Out Condotel Refinance Loan, Rate & Term, & Purchase

Cash Out Condotel Refinance Loan, Rate & Term, & Purchase

March 30, 2022
Home Loan Without Income Documents - No Ratio & DSCR

Home Loan Without Income Documents – No Ratio & DSCR

March 8, 2022

Categories

Get Pre-Approved

Start by applying to get pre-approved today.

Recent Posts

No Income Investment DSCR Cash Out Refinance

15 to 30 Year VA Cash Out Loan Up To 100% LTV

Cash Out Condotel Refinance Loan, Rate & Term, & Purchase

3 Month Bank Statement Mortgage for Self-Employed Borrowers

Is there Still a No Doc Mortgage in 2022?

Low Down Payment Jumbo Loans with No Mortgage Insurance

Request Information | Apply Now

Corporate Address:
1 TransAm Plaza Drive Suite 300
Oakbrook Terrace, IL 60181
Phone: (844) 953-0100
Fax: (630) 953-0101
Email: Info@nationwidemtg.net

Copyright 2021 © Nationwide Mortgage & Realty, LLC
Company NMLS Unique Identifier #276777.
For licensing information, go to:
www.nmlsconsumeraccess.org.
Privacy Policy | Terms of Use

Equal Housing Lender

Restrictions may apply. All loans are subject to credit, underwriting and property approval guidelines. Nationwide Mortgage & Realty, LLC is not acting on behalf of or at the direction of HUD/FHA or any government agency. CO: Check license status of your mortgage loan originator at www.dora.state.co.us/real-estate/index.htm. Also licensed in: CA, FL, IN, TN, VA, WI and TX: NMLS ID 276777. Illinois Residential Mortgage License | MB. 6760210. WA: Consumer Loan License MB-276777. GA: Georgia Residential Mortgage Licensee 60857

  • Home
  • Request Information
    • Apply Now
  • About Us
    • Career Opportunities
    • Contact Us
    • Meet the Team
  • Purchase
    • Conventional Loan
    • Condotel & Non-Warrantable
    • FHA Loan
    • FHA 203k
    • Fix & Flip
    • Investment
    • Jumbo & High Balance
    • New Construction
    • Non-QM Loans
    • USDA Loan
    • VA Purchase Loan
  • Refinance
    • Cash Out & Debt Consolidation
    • Conventional Refinance
    • Condotel & Non-Warrantable
    • FHA 203k
    • FHA Streamline Refinance
    • Investment
    • Non-QM Loans
    • Reverse Mortgage
    • VA IRRRL
  • Loan Process
    • Application Checklist
    • Credit Report
    • Home Buying Do’s and Don’ts
    • Interest Rates
    • Mortgage Calculator
  • Mortgage Blogs
No Result
View All Result

Request Information | Apply Now
Phone
: (844) 953-0100
Email:
info@nationwidemtg.net
Nationwide Mortgage & Realty, LLC
​1 TransAm Plaza Drive Suite 300
​Oakbrook Terrace, IL 60181
NMLS # 276777
Privacy Policy

Call Now Button