Condotels are properties operated like hotels which include registration desks and various hotel-like amenities such as a cleaning service. Condotels can be advantageous in that they provide rental income, good appreciation value, and vacation getaways.
ACMG offers Adjustable-Rate Mortgages (ARMs) of 3/1, 5/1 and 7/1 for Purchase, R&T, and C/O Refinance on a Minimum loan amount of $100,000 and Maximum loan amount of $500,000. We consider applicants with a credit score down to 680 having a maximum debt-to-income ratio of 40% and owning a primary residence with a 75% LTV. The Condotel must possess a full kitchen and separate bedroom and no efficiencies are allowed. Reserves can be retirement funds and require 3 months PITI on all properties owned after downpayment and closing costs. Applicant must have 5 trade lines and 3 active on credit and those self-employed need to provide 2 years of personal and business returns (all schedules). Rental income is allowed on 2nd homes and a large percentage of investor concentration, commercial use and time shares in complex are acceptable. The questionnaire must be completed in full to be accepted.
- Arm: 3/1, 5/1, & 7/1
- Purchase, R & T, and C/O Refinance
- Full documentation only
- Minimum credit score is 680
- Maximum debt to income ratio is 40%
- Must own a primary residence
- 75% LTV
- $500, 000 Maximum loan amount
- $100, 000 Minimum loan amount
- Full kitchen and separate bedroom
- No efficiency
- Reserves: 3 months PITI on all properties owned after down payment and closing costs
- Reserves can be retirement funds
- Have 5 trade lines and 3 active on credit
- Self-employed needs 2 years of personal and business returns (all schedules)
- Rental income is allowed on 2nd homes
- All questionnaire must be fully completed
- Large percentage of investor concentration, commercial use, and time shares in complex is acceptable.
To learn more simply call (843).444.LOAN or Click Here To Apply Now