Mortgage Loans for Self-Employed Buying in Miami

Guest Mortgage Expert Bruce David, Mortgage Banker at Clear Path Mortgage hosted by Bernie

Self-employed applicants should and can get mortgage-approved to start search for a primary, second/vacation or investment property. Know what to expect and have the right paperwork in order to achieve plan to purchase. Lenders now accept personal tax returns, business tax returns, bank statements or other third-party documents that provide reasonably reliable evidence of the consumer’s income or assets as proof of ability to repay the loan.

Foreign National Financing in Miami

Guest Mortgage Expert Oltin Roshi, Loan Officer at US Mortgage of Florida hosted by Bernie

Foreign national financing is designed for those living outside of U.S. seeking to purchase a property for vacationing, investment to let/rent, or relocation of family from abroad. There are options for securing a loan with or without a social security number for non-U.S. residents. The down payment is higher and more documentation is required.

FHA Loan Buying a Condo in Miami

Guest Mortgage Expert Yousif Mohamed, Loan Officer at Movement Mortgage hosted by Bernie on IG Live #MortgageMonday

An FHA loan is a federally-insured mortgage issued by a qualified lender. The program is chosen by many first time home buyers as well as favorable to those with lower tier credit scores. FHA-approved condominium projects in Miami are few.

3 Reasons Amid COVID-19 You Should Be Buying a Condo in Miami

Guest Mortgage Expert Yousif Mohamed, Loan Officer at Movement Mortgage hosted by Bernie on IG Live #MortgageMonday

Amid COVID-19 much has transpired and more to be revealed that affects livelihood and particularly the space of home or even second home. If you have been undecided on a condo as your primary or vacation home or for investment, you should strongly consider buying at this time.

Miami 101: Apartment Rental

Openings in 2018 introduced a new approach for Miami apartment rentals challenging condo offerings by expediting move-in date, requiring less move-in dollars, providing direct access to unit inventory, floor plans and prices, then in turn making services of a tenant agent optional and removing the listing agent along with having no Association restricted showing and move-in dates/times. The three key differentiators of rental apartment buildings vs. condo towers are: (1) rental apartments are developed and managed by multifamily real estate firms whereas condos are residences with individual owners that form an Association to manage common interests and hire a property management firm to maintain premises (2) rental apartments do not require an additional security deposit for common areas as they do not have an Association (3) rental apartments application process is fully digital, simplified and fast plus a tour is easy to schedule, efficient tour of all applicable model units within budget and availability.

11 Things You Should Know Buying a Condo Hotel in Miami

Most major hospitality brands have or are in development of a condo hotel in Miami.

The key advantages of a condo hotel are signature, world-class amenities and services, less rental restrictions/Airbnb-allowed, turn-key or hotel package furnished, and option for a hospitality-grade, professional-managed, revenue-share rental program. Newer developments have residents-only access areas.

The ideal condo hotel owner stays in unit a small percentage of year, prioritizes rental income from the unit as a vacation property, is comfortable with occupancy and rate uncertainty, and can comply with blackout dates and rules.

Miami 101: Short Term Condo Rental

Miami is a top global, national and state vacation and entertainment destination for its year-round weather, beach, art, nightlife, events, cruises and more. Lonely Planet named Miami the number four city on Planet Earth to visit in 2019. Short term condo rental is furnished for $1,800 per month and up on par with unfurnished annual/12-month lease; options are limited and stays less than 30 days regulated for downtown Brickell, Biscayne and the Beach.