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Specialty Mortgages

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Different Kinds of Specialty Mortgages

Primary Residences

♦ Max 95% LTV, if Warrantable Condo.
♦ 97% LTV is possible, particularly if using 1st Time Home Buyer programs.
♦ Max 90% CLTV, if NON-Warrantable condo. 10% down on NON-WARRANTABLE CONDOS.
♦ FHA 96.5% max LTV. There are NOT many FHA approved condo projects in Florida.
♦ Florida has only 229 FHA approved projects, less than 1% of the total 27,000 condo projects.
♦ 90% CLTV financing, NO PMI. Warrantable and NON-Warrantable condos are eligible for 90% no PMI, fixed rate 1st mortgage loans paired with a 2nd mortgage HELOC, interest only.
♦ This is a 75-15-10, where the first mortgage is 75% LTV or less, the 2nd mortgage represents 15% of the purchase price. 10% is the borrower’s down payment. Gifts are usually permitted.


♦ 90% LTV, 90% CLTV, and 85% CLTV, No PMI.
♦ Combine low 30 year fixed rates with a 2nd mortgage Line of Credit, Interest-Only (HELOC) and waive Private Mortgage Insurance.
♦ Land leases okay, max 80% LTV.

Investment Properties, Rental Condos

Investment Property Condos can be approved and closed as Full Doc, max 75%.
♦ Investment Condos eligible as Business Purpose No Income, or Cash-Flow DSCR.
♦ Land leases ok, max 60% LTV.
♦ Warrantable condo rates, 75% LTV or lower, among lowest 30 year fixed rates.
♦ Foreign National condo financing is generally maxing out at 65% LTV (fall 2020), or 70% LTV.


We offer a wide variety of mortgages for buyers and borrowers who want to live the Florida lifestyle in a primary residence condo, max 95% LTV and 97% LTV. We also offer vacation home condo loans up to 90% LTV or 90% CLTV. Rental and Investment condo financing is available as No Income, DSCR Cash-Flow and traditional Full Doc. Condos can be rented out annually or as short-term rentals.

Cash-out is permitted on condos. Borrowers may close in an LLC, in Limited Partnerships (LPs), and in Trusts including Irrevocable Life Insurance Trusts (ILITs), and Revocable Living Trusts.


  • Condo-tels: combination condo units & hotel rooms, rented daily, weekly or as short-term rentals.
  • Condo-tels are usually located in resort and vacation areas; offer amenities to “guests”.
  • There is usually front desk check-in, onsite restaurants, concierge and maid service.
  • Foreign Nationals usually get 60% to 70% LTV financing.
  • Condo-tels are classified as NON-Warrantable condos, as this is specialized financing.
  • Certain condo-tel programs class units as 2nd homes, will allow short-term rentals at higher 2nd home LTVs. Rental Income cannot be used to qualify borrowers on 2nd home transactions.


  • Co-ops are condo units with a different form of legal ownership.
  • Co-ops are popular in New York City, parts of New Jersey and parts of Florida.
  • Co-op financing generally follows the LTVs and rules of condo and condo-tel ownership.
  • Max LTV Primary Residences and Second Homes/Vacation Homes is 80% LTV.
  • Investment Property Co-ops Max financing is 60%-65% LTV
  • Co-ops, condos and condo-tels less than 500 feet, max 70% LTV.
  • Condo-tels, condos, and co-ops less than 500 square feet, usually max 70% LTV.


Fannie Mae approved lenders offer low condo rates. They do this by limiting financing in riskier condo projects. Over time, it has been noted that following Fannie Mae guidelines tend to increase condo values. Condo loans can then be sold to Fannie Mae as WARRANTABLE CONDOs. Below are some Fannie Mae rules, that stabilize and increase condo prices and condo values. These guidelines are also dependent on LTV, occupancy and loan amount.

Warrantable Condos

  1. Adequate reserves are budgeted and put aside for major one-time expenditures, such as roofs and elevators. The board should reserve 10% of the operating budget for major expenses.
  2. Values may increase if most units, 50.1% or more, are owner occupied and second homes.  Rentals should be a minority of total units, 49.9% or less.
  3. Values stay strong if most owners, 85% of owners or more, pay condo fees on time.
  4. Values stabilize if 1 person or 1 entity does not own 10% of units, or more.
  5. Warrantable condos generally have no serious pending litigation against the association. If there are lawsuits, this could subject the association to legal fees, and expensive settlements.

Non-Warrantable Condos

  1. Low or no reserves budgeted for major expenditures including roofs, elevators, repainting
  2. High investor concentration: More than 50% of all units are rented out
  3. 15% or more, of unit owners are at least 30 days late on condo maintenance fees
  4. The same person, or persons own more than 10% of units
  5. There are serious lawsuits related to condo safety issues
  6. Inadequate insurance.  There may be no flood insurance; however the project is in a flood zone.

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