Financing Your Siesta Key Condo

If you’ve in the market now for a Siesta Key condo and want to finance the unit, there is no doubt that you may experience some challenging obstacles. The lender guidelines have changed considerably. If you need to rent the unit to make ends meet, you’ll find even more obstacles.
We spoke with Bruce Garlitz with HomeBanc this week. Bruce pointed out that financing condominiums in Florida can be very difficult right now if the condo project isn’t Fannie Mae or FHA approved.
HomeBanc can currently do condo financing if the borrower has a 20% down payment on a limited review basis. This limited review requires that 3 questions be answered:

1. Are there any pending litigations?
2. Are there 15% or more home owners currently delinquent in their HOA dues?
3. Is there 25% or more commercial space within the complex?

The condominium can’t be considered ineligible for Fannie Mae financing (such as a condotel and it cannot have a short term rental desk). The limited review is for existing projects where the HOA has been turned over to the home owners by the developer.
If you would like search current condo inventory, start at our Siesta Key Florida page where you can view condos in all price ranges. We show Siesta Key condos regularly and are available to help guide you to a smooth closing.