Your name saw this post on The ActiveRain Real Estate Network and thought it might be of interest to you. Please see the link below to review the post.

How to Finance a Daytona Beach Condo?
Daytona Condo FinancingEven though we very rarely deal with mortgages, and this is the nature of a resort market, where buyers usually purchase condos as vacation homes and pay cash, time from time we end up working with a buyer, who needs financing.
It usually starts with “I have good credit, and my bank told me that there would be no problem to finance a condo”.
We have to tell them that while they may have perfect credit, it is only half of what they need. They also need the condo they like to qualify for a mortgage, and their score, no matter how great it is, can’t help it.
I don’t really want to get into the nitty-gritty of financing condos in Florida, but here are some general points when we discuss condo financing.
There are conventional loans, and there are FHA insured loans (VA, too)
Conventional loans are loans not insured by government agencies. They include FHA Loans, VA Loans, and USDA Loans. Those loans are usually sold then to Fanny Mae (FNMA) and Freddie Mac, which are government agencies. Fanny Mae is actually Federal National Mortgage Association. They purchase mortgages originated and funded by Lenders. When you hear “conforming loan”, it means ... more

__________________________________________________
Are you on The Rain? Grow Your Network!