If you are looking for a mortgage to buy an Emerald Grande condo in Destin Florida, you may have a bit of difficulty. You cannot go to any lender and get a loan for a unit in the Emerald Grande condominium complex. Mortgage lenders who are not restricted to selling their loans to Fannie Mae (FNMA) in the secondary mortgage market are your best bet. Why so? FNMA guidelines exclude purchases of condo mortgages for projects that have hotel-like amenities and also “time share” type activity. Emerald Grande, which has fabulous hotel-like offerings on-site, like multiple pools, restaurants, and full-service spa, also has dozens of “fractional ownership” units. Fractional interest is owning a “share” of real property, for example, six weeks of usage per year.
Fannie Mae’s “Ineligible Project Characteristics” include the following:
- Projects that are managed and operated as a hotel or motel, even though the units are individually owned
- Projects with non-incidental business operations owned or operated by the HOA including, but not limited to, a restaurant, spa, or health club
- Timeshare, fractional, or segmented ownership projects
So, if you cannot get a Fannie Mae backed mortgage, what’s the alternative? One option is getting what’s called a “portfolio” loan, where the mortgage lender keeps the loan “in house”, and does not sell it to the secondary mortgage market. It’s possible you may pay a slightly higher rate and that the rate will be adjustable.
These loan professionals can give you detailed information and assistance in pursuit of an Emerald Grande (or Emerald Coast!) mortgage:
Dean Carrier – Bancorp South – 850-974-7696 [email protected]
Tami Groth – Community Bank – 850-812-3505 [email protected]
Lisa Bell – Renasant Bank – 850-714-7856 [email protected]
Tommy Peoples – BVVA – 850-857-5068 [email protected]
Kristin Blossman – FBT Mortgage – 850-585-3385 [email protected]
Leigh Ann Baker – Rapid Mortgage Company – 980-247-4438 [email protected]
It’s Wendy… It’s Sold!
Wendy Rulnick, Broker, Rulnick Realty, Inc.
Email Wendy: [email protected]
Wendy Rulnick, Broker, lists and sells real estate in Destin, Santa Rosa Beach, 30A, Miramar Beach, Crestview, Sandestin, Seaside, Rosemary Beach, Okaloosa Island, Fort Walton Beach, Niceville, Freeport, Bluewater Bay, Navarre, Florida.