Mortgage financing condo or single family home

[Bamadixiechick]

I just became aware of the mortgage/financing restrictions for Florida condos, but do these apply to single family homes also? We are considering the Bungalows of Seagrove. Anyone familiar with this development? There seems to be quite a few available in this development and that worries me somewhat. (i'm aware of the issues in the neighboring condos Seagrove Highlands. Are the Bungalows a separate Hoa or development?)

Thanks for any advice!

 

[Bobby J]

I do not believe they have any lending restrictions. The Highlands has lending restrictions due to some pending litigation. The biggest blunder I see with the Bungalows is how the homes are positioned on the property. They face inward and to get to your front door you have to go through a few gates. Normally, not a big deal but if its raining or you have a ton of groceries that could be a problem. But.... The price is right. The Bungalows is separate from Seagrove Highlands. I sent you an email.

 

[Seagrovestateofmind]

It is possible to get lending for Seagrove Highlands. If a certain current second motrgage holder would get off their duff and sign the agreement, I will be closing on a unit in Seagrove Highlands this week. I can point you in to the lender I am using. I did like the Bundalows, but preferred everything on one level. And I still owe Bobby a cold one.

 

[Tevs]

Seagrovestateofmind,
Do you mind providing info on your lender for Seagrove Highlands? I've talked to about 15 lenders and they are saying you need either 25 or 30% down just to get an arm on a condo.
Thanks so much!

 

[Seagrovestateofmind]

I used Kristen Pope at Gulf Bank (http://www.kristenpope.com/home.html) I suspect that you will run into down payment limit with her as well, but it is worth giving her a call to see. Condo lending seems to have gotten much tougher. Good luck.