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Loans in Cape Coral

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Loans in Cape Coral for a mortgage can be tricky when you are purchasing a condo.

First, let me explain what a condo is considered to be here in Cape Coral, to help you understand the situation better.

In a building with more than two stories that has many units that are for sale or are privately owned, those units are considered to be condos.

A building with more than two stories that has many units that are for rent, those units are considered to be apartments.

A one or two-story building with many units (what I call a condo), is called a carriage home.

A duplex has two units in one building.

Then there are villas, they are usually smaller homes that are either unattached or semi-attached.

Where I'm going with all of this is that you can't get a loan from a bank for a condo at this point in time where the builder still owns more than 50% of the units.

Condos have Homeowners Association Dues, known as HOA dues. The dues can cover things like utilities, cable, amenities, pool and landscape care, exterior building maintenance, etc.

If enough people default on their mortgage and HOA dues in a condo association, the dues would have to be raised for the remaining homeowners, which is very undesirable and the banks consider this situation too risky and will not lend for your Cape Coral investments.

Cape Coral Fl mortgage

This is unfortunate because we have some lovely new condos in Tarpon Point and Cape Harbour that are absolutely gorgeous, are in beautiful locations right on the water, and have wonderful amenities.

You need an expert to help navigate you through the process. If you don't have a realtor, my realtor George is thoroughly knowledgeable about Cape Coral real estate, completely trustworthy, and just an all-around great guy.

George can recommend a mortgage expert specific to the Cape Coral Fl mortgage market, who can offer you the guidance you need to get your condo.

You may want to check out the other pages regarding issues pertaining to the Cape Coral real estate market:

Chinese Drywall

Special Assessments

Foreclosures and Short Sales

Despite some of the problems, there are so many properties that aren't affected by them. It's an opportune time to buy a home and get loans in Cape Coral for those properties.

We have really enjoyed living the Florida life-style!

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