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.
To learn more simply call 843.444.LOAN or Click Here To Apply Now