Loans in Cape Coral for a mortgage can be tricky when you are buying a condo, here is some information to guide you in your decision-making.
To help you better understand the situation, let me explain what a condo is.
In a building with more than two stories that has many units for sale or privately owned, those units are condos.
In a building with more than two stories that has many units that are for rent, those units are apartments.
In a one or two-story building with many units, the units are called carriage homes. 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 it's hard to 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.
This is unfortunate because, for example, we have some lovely condos in Tarpon Point and Cape Harbour that are absolutely gorgeous, are in beautiful locations right on the water, and have wonderful amenities.
Even though the situation has loosened up since the economy has recovered, you need an expert to help navigate you through the process.
If you don't have a realtor, please go to my Cape Coral Realtors page.
You may want to check out the other pages regarding issues pertaining to the Cape Coral real estate market:
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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