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What are the rules for Condo Financing in Sarasota County

Savoy on Palm Downtown Sarasota Condo

It’s best to know the general mortgage rules of condo financing before you start to shop for a condominium for sale in Sarasota.

For Conventional and Jumbo¬†financing, condo buyers have to put down the following amounts if they intend to work with a Michael Saunders in-house mortgage. For a primary residence purchase …25% down. For a second home purchase…20% down. “Investment” purchases are not an option. ( these rules do not apply to condo’s that allow short term rentals of 1 day to one week)

If the condo association is on the Fannie Mae or Freddie Mac approved list then a primary residence is 10% down and a second home purchase is 20% down. “Investment” purchase is 25% down.

 

For information email or call me Patrick Doherty

1801 Main St Sarasota, FL 34236

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