New Condo Requirements – Updated Florida Condo Programs With No Condo Questionnaire

The condo purchase requirements changed on January 1, 2022 as a result of the tragic collapse of the Champlain Tower South in Surfside. Fannie Mae and Freddie Mac, the two companies that back a majority of residential mortgages in the U.S., are scrutinizing deferred condo maintenance issues before approving loans generated by banks and other lenders. The organization will not purchase mortgages on condos with “significant deferred maintenance or in projects that have received a directive from a regulatory authority or inspection agency to make repairs due to unsafe conditions”. As a result of the new requirements Fannie Mae and Freddie Mac no longer allow condo questionnaire waivers on Limited Reviews. Also, a new Condo Project Questionnaire Addendum is required to disclose any deferred maintenance.    

Chic Living Miami works with Bennett Capital Partners has over 21 years of experience in the South Florida Condo Market and has a full range of programs to handle nearly any condo scenario. We have compiled a 2022 approved condo database that allows 3-5% down payments on conventional loans with no condo questionnaire or review required. If you have a condo that you need financing on please reach out to us. We are available 7 days a week and offer same-day pre-approvals.

Condo Program Highlights

  • Conventional Loans (Fannie Mae & Freddie Mac)
    • 3-5% Down On Approved Warrantable Condos
    • 10% Down Combo Program Limited Review (No Budget Required)
    • Proprietary Approved Warrantable Condo Database  
    • Approved Condos do not require a Condo Questionnaire
    • Condo projects are Pre-reviewed before submission
    • Close Fast! Average close time 2-3 Weeks (Based on Appraisal Turn Time)
  • Prime Jumbo Loans  
    • Warrantable Condos Only
    • Loan Amounts up to $5M
    • 2 Year Tax Returns Required
    • 720+FICO Required
    • Bank Rates + Broker Speed
    • Condo Projects are Pre-Reviewed before Submission
  • Non-QM  
    • No Condo Questionnaire Options
    • Rates start in the low 6’s
    • Loan Amounts up to $10M
    • Alternate Income Verification Allowed
      • 1 Year Tax Return Options   
      • Bank Statement Programs (3, 12 & 24 Months) SE Borrowers Only
      • No Income Verification – No Income/No Employment Required
      • 1099 Only (1 & 2 Years)
      • P&L Only – Borrower & CPA Prepared
      • K1 Only (1 & 2 Years)
      • VOE Only – W2 employees only
      • Asset Depletion (Assets for Income)
      • ITIN “Dreamers” Allowed
  • Private Lending 
    • No Condo Questionnaire Required
    • Rates start in the low 6’s
    • No Tax Returns or Personal Income Verification 
    • Investment Properties Only
    • Vesting in LLCs only
    • Does not report on personal credit
    • Foreign Nationals Allowed – 20% down Purchases
    • Condo-Tels Allowed
    • 30 Year Fixed Rates available 
  • Hard Money/Bridge Loans 
    • No Condo Questionaire Required
    • Rates start in the low 8’s
    • No Income Verified
    • Investment & Primary residences allowed
    • Close In LLC or Personal Name
    • No Pre-Payment Penalties
    • 12-36 Month Terms – Interest Only
    • Foreign Nationals allowed – 20% down
    • Fundings 1-2 days after return of appraisal

Why Choose Us?

  • We offer over 100+ Condominium programs
  • 20+ years of experience originating Florida Condominiums
  • We have sat on multiple new construction projects over the last 20 years
  • We specialize in Foreign Nationals
  • No Condo questionnaire programs
  • We are mortgage brokers – We have 100’s of lenders to choose from
  • Competitive Rates – We can beat anyone
  • All of our loan officers are fully licensed

“For information purposes only. This is not a commitment to lend or extend credit. Information and/or dates are subject to change without notice. All loans are subject to credit approval”

If you are interested in the free Florida Approved Warrantable Condo Database please email us.