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