- Conventional (Fannie and Freddie)
- Asset Depletion
Begin to gather the documents you’ll need during the mortgage loan process. This may take a little while, so it’s best to start early.
- Pay Stubs. Current pay stubs for the most recent 30-day period.
- W-2 Forms. IRS W-2 forms for the most recent 2 years.
- Tax Returns. Personal tax returns for the two most recent years.
- P&L Statement and Balance Sheet. If you are self-employed and own more than 25% of your business, business tax returns for the most current two years, a year-to-date profit and loss statement and balance sheet.
- Bank Statements. Current bank statements for the most recent two-month period or quarter.
- Landlord Information. If you are currently renting a home, please provide the name, address and telephone number for your landlord(s) for last 12 months.
- Rental Agreements. If you own rental properties, provide current rental agreements on all rental properties and expense related information.
- Closing Statement. If you have sold a home within the last 6 months, please provide your closing statement for the property sold.
Condotel is a portmanteau of the words “condominium” and “hotel”. It describes buildings used as both a condo and a hotel, with owners keeping the rights to rent their units while they’re not actually using them.
Most often, condotel rentals are managed by an on-site rental company.
Hawaii, and Maui specifically has many “Condotel” properties. Make sure your Realtor ® understands the difference between a Condo and Condotel. It could make the difference between a successful stress free closing and a very stressful and unsuccessful closing.
Like non-warrantable condos, condotels cannot be financed through Fannie Mae or Freddie Mac and so, more often than not, condotel buyers have found themselves up a creek; ready to close but without suitable financing.
Thankfully, mortgage money is available for condotels and non-warrantables — you just have to know where to look.
This is a loan that is backed by private lenders. Clients pay a fixed rate that is also customizable depending on their financial capabilities.
Also known as a jumbo mortgage, this loaning option is applicable when the borrowed amount exceeds the FHFA limit.
Federal Housing Administration (FHA), United States Department of Agriculture (USDA), and Veterans Administration (VA) are the three types of government-backed mortgages. Compared to private lenders, these programs offer lower interest rates for potential borrowers.