Condo Financing in Florida: Embracing the Changes and Challenges

The Truth About Lending

Today, we're diving deep into the intricacies of condo financing in Florida. Why is condo financing different, and what challenges and changes have occurred over the years? The uniqueness stems from the high concentration of condos in Florida compared to other states, leading to stricter guidelines post the economic crisis of 2008-2010 and further changes following incidents like the Surfside tragedy. Condos are perceived as riskier investments for lenders due to issues like non-payment of association dues, necessitating a distinct underwriting process separate from individual buyers.

Melinda, with her extensive experience as a licensed mortgage broker will talk about condo financing and the underwriting process that scrutinizes both the buyer's financial standing and the condo association's health, as well as how the down payment plays a pivotal role, with higher down payments easing the underwriting process.

This is a must watch for agents as they list condos and buyers as the navigate condo purchases in Florida's competitive market.

Thank you for joining us, and we look forward to helping you navigate through condo financing in Florida.

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