6323 Thomas Dr, Panama City Beach, FL 32408
SummerWinds beautifully remodeled gulf front condominium. A spacious third floor, two-bedroom, two-bath unit with gorgeous views of the Gulf of Mexico. The balcony overlooks the pools, lush landscaping, and the world's most beautiful beaches. SummerWinds Condominium is a one-of-a-kind luxury gulf front condominium on the east end of Panama City Beach. SummerWinds has 72 units. This gated, private, community is a non-rental community. This unit has a single car garage.
Destin Florida, Sandestin Fl, 30A and PCB Condo Questions and Answers
While Fannie Mae has streamlined the process by which condo developments can obtain approval, the reality is that very few projects are approved. To see if a condo you’ve got your eye on is eligible for Fannie Mae or Freddie Mac financing, you can find a list online. Don’t be surprised, however, if your state has just a handful (or even zero) of condos listed.
If you’re financing a condominium purchase, plan on a little longer processing time. Lenders have to assemble a lot of paperwork before submitting a package to approve projects for mortgages. It can add some days to your closing, and this should be considered when you’re deciding to lock in an interest rate.
What does the lender require from the HOA or Condominium manager?
All Lenders will require the HOA to fill out their condo questionnaire, there are two types Full (Long form for max financing) or short form (limited review) limited review does require on average for the borrower to put more money as down payment.
1. Lender Condo Questionaire
2. Copy of the Annual HOA Budget for the current year
An acceptable Budget will include the following:
• Line item expense for Reserve account, separate from the Operating account.
• Line item expense for the insurance premium and deductible
• The name of the HOA must be shown on the budget
3. Insurance Company Information:
Copy of the Condominium Project’s Certificate of Insurance for Property and Liability; Fidelity Bond Coverage (Employee Dishonesty), if over 20 units, and Flood Insurance, if applicable.
More lenders are requiring all pages of the policy for review.
4. Required Documentation for New Projects or New Conversions:
Copy of HOA’s Declarations (CC&Rs) that have been signed, stamped and filed.
Copy of all recorded addendums to the Declarations
Copy of HOA by-laws and addendums
A full review is required for max finacing with Fannie Mae and Freddie Mac backed loans this means loan can have smaller down payment and can be a 30 year fixed for primary, second and investment propeties. The loan amount is limited to a max 417k (soon to be 424K) 5% down as a primary and 10% down for second homes.
The guidelines of a full review are:
b. Limitations on ability to sell or first right of refusal
c. Amendments to docs
d. Rights of mortgagees and guarantors
e. First mortgagees rights
f. Unpaid dues
g. Minimum square footage of unit is 400 square feet
Limited and full project reviews have duration of 180 days.
A limited review is conducted by the lender – it’s just a questionnaire that’s completed by the property manager or head of the homeowner’s association. To be eligible for a limited review, you must put down at least 20 percent for a primary residence or 30 percent down for a second home. Has the same loan amount limits as above.
Limited review criteria are:
If you have any questions please call my office 850-650-6985. We look forward to seeing you at the beach soon