Stated income condotel loan Lenders: 3CALoan
Stated income condotel loans are synonymous with no doc loans. Under Stated income condotel loans, stated income condotel loan lenders requests you to state your income and accepts this information at face value. In order to get a no doc loan, you need quite a bit of equity in your home, or you need to make a big down payment.
Condotels
A Condotel is a term used for condo-hotel. Condotel units are different from normal condos. Condominium complexes are of two types, warrantable condos or non-warrantable condos. Condo complex which can be sold to Fannie Mae and Freddie Mac, as well as VA, FHA, and USDA are known as a warrantable condominium unit. There are some rules which are imposed by Fannie Mae and Freddie Mac to take a home loan, due to all of these rules some properties fall into the non-warrantable condos.
Non-warrantable condotels are initially build by Real estate developers in resort and hotel companies. Owning Condotel property enables one to earn a good passive income while also giving them access to basic hotel amenities. However, when the owner is not utilizing the unit, he or she has the option to partner with a rental agency. By renting the condotel unit, one receives 50% of the rental income earned by their Condotel unit after deducting a 10% service fee. Yet, it must be noted that every condo property has its own set of different rental programs. Usually, the property management distributes rental income on a quarterly basis to each unit owner. If one is investing in a Condotel property, he or she must be educated about everything in the unit.
By renting the condotel unit one can easily pay the monthly mortgage payment with the help of rental income. Condotel units, usually furnished with all the basic requirements. When you will rent the condotel property you do not have to take care about the small things like maintaining the property, marketing the property, or finding renters in the offseason. Also, you can easily get the loan from Stated income condotel loan Lenders
Getting loans for Condotels from Stated income condotel loan Lenders
Stated income condotel loans are optimal if you need to get a loan immediately and are experiencing delays in paperwork. For instance, if you are changing your job and receive delays in processing your paperwork, stated income condotel loans allow you to get the approval for the loan you need. Also, say that you are self-employed. In this instance, your income might be higher in some months while lower in other months. Instead of going through a long drawn out process of getting the correct paperwork available for Stated income condotel loan lenders, you can simply state your average income amount and move further with your loan application.
Refinancing Non-warrantable condotels from Stated income condotel loan Lenders
In Condotels, most of the condotel owners have the major problem that their bank is not refinancing their existing loan. Mostly the condotel owners have their condotel mortgage loans with big investors or banks like Chase and Wells Fargo which will not help the borrower to refinance a condotel unit. But we can refinance all the loans including condotel loans.
Requirements for No Doc loans
Document Work
Stated income condotel loan lenders don’t check your income by looking at your income tax returns, W-2 forms, pay slip, or other records. Also, you don’t have to show your income, asset, or credit score information. Ultimately, you don’t have to worry about too much paperwork. Afterall, you don’t have to provide income verification documentation. You do however have to pay a high interest rate in Stated income condotel loans. This way, stated income condotel loan lenders make up for the risk by charging you more. In addition, you may also have to pay higher fees.
About Credit History
Before you get Stated income condotel loans from Stated income condotel loan Lenders, make sure that no one has taken any legal action taken against you from last past five years. Also, you’ll want to make sure that you don’t have any pending debt over $5,000.
Final Thoughts
For purchasing a house or refinancing a house you can take condotel loans from Stated income condotel loan Lenders. These loans are perfect for you if you aren’t interested in showing your assets or income. You will get this loan very easily If you have all the positive attributes. If you have questions about this program, you can contact us at 818-322-5626. It is possible to get Stated income condotel loans today. Take the time to contact us right now!
