The Five Cs of Credit – And How to Get a Mortgage
People in the lending business often refer to a concept called the “Five Cs.” These are the five basic factors that lenders consider when considering a loan application: Over the years, lenders have learned through hard experience that they can ignore the Five Cs at their peril. Nevertheless, some lenders are stricter than others in […]
How To Get A Mortgage On New Construction Condos In Miami
Securing Miami New Construction Condo Mortgages can be a complex endeavor. Miami’s booming market makes it a prime location for new condominiums, yet traditional lenders often hesitate to finance these properties, labeling them as non-warrantable. This categorization by Fannie Mae and Freddie Mac stems from mortgage regulations by the U.S. Department of Housing and Urban […]
How To Get A Loan For Rural And Large Acreage Residential Properties
Securing Rural Property Loans for large-acreage properties like rural homes, farms, or former farms is markedly different from suburban home buying. The challenge lies in finding lenders willing to finance these unique rural properties. Due to the difficulty banks face in reselling these properties in case of foreclosure, they often fall outside the scope of […]
How To Get A Mortgage For A Short-Term Rental Property
AirBnB and other short-term rental (STR) investing has exploded in popularity over the past decade. And as travel recovers from the pandemic, analysts expect growth to resume: Between 2019 and 2024, the short-term vacation rental industry is expected to grow by more than $63 billion, at a compound annual growth rate of 7%. Short-term rental […]
How Can I Use Cryptocurrency To Qualify For A Loan?
Just a few years ago, cryptocurrencies such as Bitcoin, Ethereum, and Dogecoin were niche interests. But today they are definitely moving into the mainstream. A recent survey from HSB and Zogby Analytics found that more than a third of small-and medium-sized businesses now accept cryptocurrency as payment – right along with Visa, MasterCard, and American […]
Can You Get A Loan For A Condo Involved In Section 558 Construction Defect Litigation?
Getting a loan to refinance or purchase a Florida condominium can be tricky. Especially if the condo or development is involved in a construction defect dispute, has Section 558 actions pending, has too many renters compared to owner-occupants, accepts short-term renters, or has other issues that deter conventional lenders. But getting a mortgage for these […]
Are you a non-U.S. citizen looking for a loan to buy U.S. real estate?
If you are a non-U.S. citizen – whether a permanent resident, non-permanent resident, or a foreign national – entering the U.S. real estate market and obtaining a mortgage loan may seem particularly daunting, especially given the COVID-19 pandemic. However, as lenders are adjusting to the impact of coronavirus, more loan programs previously on pause have […]
Litigation and budget hurdles: does your condo satisfy Fannie Mae guidelines?
You have your heart set on purchasing a condo unit in sunny Florida. You also want a conventional mortgage for that unit. However, if the condominium project does not satisfy Fannie Mae guidelines, you will not qualify for a conventional loan. Two common reasons why a condo project fails to satisfy Fannie Mae guidelines are (1) […]
Foreign national loan programs in Florida
If you are a citizen of another country, we offer creative foreign national loan products to help you purchase property in Florida. If you’re entering the U.S. real estate market from another country, buying a home can seem even more daunting than it does to local Americans. Navigating a foreign national mortgage process can seem even more daunting. […]
Bank Turndowns (Volume 9): Are you looking to purchase or invest in a Florida condominium, including a non-warrantable condominium?
If you are looking for financing to purchase or invest in a Florida condominium, be prepared. Condo financing presents unique challenges, particularly in Florida: Compared to single-family homes, the loan approval process is more complex for condos. Essentially, the lender not only has to approve your own creditworthiness as the borrower, but also must ensure […]