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Condo Questions and Answers 

12/5/2016

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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.
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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:
  • 51 percent of units are owner occupied or second homes
  • No single entity owns more than 10 percent
  • Maximum commercial space is 20 percent
  • No construction defect litigation. All other litigation will need to be reviewed.
  • Budget–line item for reserve with at least 10 percent of assessments/income being collected
  • No more than 15 percent of association dues delinquent more than 30 days
  • Condominium rentals are not advertised with daily rentals or other hotel type amenities (minimum three-day rental period)
  • Insurance coverage must be sufficient (hazard, flood, liability, fidelity and HO6 if required)
  • Review of condo docs to address:
        a. Compliance with laws
        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:
  • Commercial space can comprise no more than 25 percent of the square footage
  • At least 10 percent of association dues must be allocated to reserves
  • Fewer than 15 percent of units must be in arrears with their dues
  • More than half of the units must be owner-occupied
  • Insurance must meet GSE guidelines
  • There can be no lawsuits over safety, structural soundness, habitability or functional use
  • No single entity can own more than 10 percent of the units unless there are five to 20 units; in that case, a single entity can own two units
  • Minimum square footage per unit is 400 square feet
  • Condominium rentals are not advertised with daily rentals or other hotel type amenities.

If you have any questions please call my office 850-650-6985.  We look forward to seeing you at the beach soon 

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Crystal Cove Condominium in Sandestin 

11/8/2016

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Crystal Cove Condominium (Sandestin) Miramar Beach, FL 32550 
$174,900 1 Bed 1 Bath

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Scenic wooded views offer a peaceful privacy- this 2nd floor/1 bedroom condo is a great getaway for an owner or to rent short-term or long-term. Crystal Cove in the popular Sandestin Golf & Beach Resort offers resort-style living in a neighborhood setting. Convenient to restaurants, shopping, outdoor activities from the Bay to the Beach access and much more. Seller in 2016 - painted interior; replaced kitchen cabinet doors (soft-close) & drawer fronts and pulls; new microwave, new curtain rods & curtains in living area.Crystal Cove Assoc painted exterior, refreshed landscape, added attractive trash receptacles and golf cart parking with plugs.

Click here to see more of this wonderful condo 

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Grand Dunes Condominiums 

11/4/2016

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Grand Dunes Condominiums Luxury Resort, Miramar Beach Florida

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Grand Dunes offers a beautiful view of the clear emerald waters of the gulf and lush landscaping you will see as you stroll the grounds of the Grand Dunes community. Grand Dunes will be unmatched by any other property on the Emerald Coast.  A few of the many features that make Grand Dunes standout from your typical “shotgun” condominium include: high-speed elevators opening directly into your own private foyer, secured underground parking, expansive great rooms.
 
For the gourmet cook, open elegant kitchens with over sized granite islands created by award winning certified kitchen designer, Jere Bowden feature travertine floors, premium stainless steel appliances with gas cooking and “clear ice” icemakers. Master suites will include two large walk-in closets, whirlpool tub for two, double sink with makeup vanity, shower room for two with bench and dual shower heads, and a private water closet.    
 
 Grand Dunes has the little things that make a big difference such as adding insulation above the sheetrock ceilings and around the waste pipes which provides for “ super quiet” interiors. The approach will be through its secured-gated entrance way leading to the stately Porte Cochere building entrance. Once inside, the exquisitely decorated Grand Lobby will overlook our majestic free form pools connected by a breathtaking waterfall with the Gulf of Mexico as a backdrop. Inside the lobby, guests will enjoy the informal bar and seating area, billiard room, pool-front exercise room outfitted with the latest equipment, owner’s conference room and two guest suites that will accommodate overflow guests on those special occasions.

Click here to see available units 
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One Beach Club Sandestin Florida 

3/15/2015

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One Beach Club Sandestin's  Premier NON-RENTAL Condominiums 

PictureOne Beach Club - Sandestin's Premier Non Rental Condos
Stunning views of the Gulf and Bay. Click here to see units

One Beach Club is a premier non-rental high-rise condominium on the beach side of Sandestin Golf & Beach Resort. Floor to ceiling windows and sliding doors provide wonderful views over the pool area and the Gulf.

 There are 102 units built in 2003. Some of these residential condos have views of both the gulf and the bay. There are 2,3,4 & 5 bedoom units from 1,900sq ft  to over 5,000sq ft. 

Private poolside cabanas, tennis courts, (on-site) first class fitness center, clubroom, media room, large pool, hot tub and beach club memberships are just some of what makes One Beach Club Drive Condominium the special place it truly is.  One Beach Club Drive embodies all the Sandestin Resort has to offer. 



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View from One Beach Club Condos
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    www.sowal30a.net

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    Gena Bolton
    Realtor 
    (251) 366-0423 (c)
    Gena@SoWal30a.com

    I am 100% dedicated to helping you find your dream home or sell your existing property. I will tailor my services to meet your individual needs and goals. My commitment to you is to provide the personalized real estate services you deserve. Anything less is a disservice!

    I look forward to helping you with with your Real Estate Needs.  

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    “This is the beginning of a new day. God has given me this day to use as I will. I can waste it or use it for good. What I do today is very important because I am exchanging a day of my life for it. When tomorrow comes, this day will be gone forever, leaving something in its place I have traded for it. I want it to be gain, not loss — good, not evil. Success, not failure in order that I shall not forget the price I paid for it.”  Bear Bryant ​
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