Warrantable Condos FL Panhandle

[Jamie Clayton]

Hi! Looking to buy a 2nd home/vacation home in Emerald Coast, FL area that we would also use for STR. We are able to put 10% down and have conventional financing approved. Budget is under 450K. We were looking to go the condo route and found one we liked but found out it is non-warrantable due to percentage of investors vs owners. Now we are thinking this will be the case for most condos in this area. Is it possible to find a condo that is warrantable? We aren't opposed to non-warrantable but don't have the means to put 20% down. Is it possible to find townhomes in the 30A area for under 450? New to the real estate investing world!

[Kyle Momany]

Quote from @Jamie Clayton:

Hi! Looking to buy a 2nd home/vacation home in Emerald Coast, FL area that we would also use for STR. We are able to put 10% down and have conventional financing approved. Budget is under 450K. We were looking to go the condo route and found one we liked but found out it is non-warrantable due to percentage of investors vs owners. Now we are thinking this will be the case for most condos in this area. Is it possible to find a condo that is warrantable? We aren't opposed to non-warrantable but don't have the means to put 20% down. Is it possible to find townhomes in the 30A area for under 450? New to the real estate investing world!

Jamie, Congrats on getting started on your search!

 

 As mentioned in some other comments, warrantable condos can be hard to find in the panhandle.

As an agent & investor,  one thing I've come to realize is that it's also going to depend on the lender. Most lenders have a standard condo questionnaire that lets them know if the condo is warrantable or not. But, there are some lenders that will hold the loan in house and have their own questionnaires, typically with less regulation/questions. Last year, I closed 10% down in multiple complexes ( Gulf Terrace, Horizon South, Commodores Landing, etc.) 

Also, consider seller financing! I've seen and closed on some this year between 10-20% down.

Best of luck to you!