Found 9 blog entries tagged as financing.


Financing Programs on the Gulf Coast: A Guide to Your Options

By Meredith Folger Amon, Licensed in Alabama and Florida
Guided by Integrity. Backed by Experience. Search the Gulf with Meredith Folger Amon.

Financing a home or condo on the Gulf Coast looks different for everyone. Some buyers want to purchase a beachfront condo, others are drawn to waterfront homes with boating amenities, and many prefer to build from the ground up. Each type of property comes with unique financing needs, and it’s important to understand the loan programs available before moving forward.

Meredith Folger Gulf Coast Real Estate

Here’s a detailed overview of the financing programs most often used along the Gulf Coast, including options for new construction, condos, investment properties, and…

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Financing Waterfront Dreams: Using a Fannie Mae HomeStyle Renovation Loan for Seawalls, Docks, Pools & More

By Meredith Amon, Expert Real Estate Advisor – Alabama & Florida

Renovation Loans

If you're exploring waterfront real estate along the Gulf Coast, from the scenic canals of Ono Island to the prized Intracoastal homes of Orange Beach and Perdido Key, the right financing can make all the difference.

The Fannie Mae HomeStyle Renovation Loan offers a unique opportunity: buyers and homeowners can combine the purchase of a property with the cost of custom improvements—including seawalls, boat docks, pools, and more—into one conventional mortgage.

This type of loan can transform a property with potential into a fully personalized coastal retreat.

Why…

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Why Getting Preapproved Before Viewing Properties is Essential for Gulf Coast Buyers

By Meredith Amon, Licensed In Alabama and Florida

Preapproval Gulf Coast Loans Lending

As an experienced real estate advisor on the Gulf Coast, I can tell you that getting preapproved for a mortgage is one of the most important steps in the home-buying process. Whether you’re looking to buy a primary residence, a second home, a vacation property, or even an investment property, getting preapproved before you start viewing homes will help you understand your budget, streamline the buying process, and give you a competitive edge.

What many buyers don’t know, however, is that interest rates are not fixed—they vary based on a number of factors, including the type of property, your credit score, and …

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This Week’s Interest Rates for a Second Home on the Gulf Coast

By Meredith Amon, Licensed in Alabama and Florida

Financing Gulf Coast Second Homes Condos

If you are considering purchasing a second home condo on the Gulf Coast, understanding the latest interest rates is essential. Financing for condos differs from single-family primary residences, with rates and discount points varying based on the loan-to-value ratio (LTV) and other lending factors. Below is a breakdown of this week's financing options.

Current Interest Rates for a Second Home Condo Loan

80% Financing (20% Down Payment)

  • 7.625% interest rate – 2.125% cost to lock
  • 7.75% interest rate – 1.875% cost to lock
  • 7.99% interest rate – 1.00% cost to lock

75% Financing (25% Down Payment)

  • 7.49%…

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HELOC LOANS ON THE GULF COAST


A HELOC (Home Equity Line of Credit) loan is a type of loan that allows homeowners to borrow against the equity in their home. Equity is the difference between your home’s current market value and the amount you owe on your mortgage. With a HELOC, you’re essentially using the value you’ve built up in your home as collateral to access a revolving line of credit, much like a credit card.

Key Features of a HELOC:

  1. Credit Limit: The amount you can borrow is typically based on a percentage of your home’s appraised value minus what you owe on your mortgage. For example, if your home is valued at $300,000 and you owe $150,000, the lender may allow you to borrow up to 85% of your home’s value (which would be…

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Understanding DSCR Loans on the Gulf Coast

GULF COAST LIVING

As a real estate advisor licensed in Alabama and Florida, I often work with investors seeking opportunities along the Gulf Coast. Whether you’re exploring condos in Gulf Shores or vacation homes in Orange Beach, understanding financing options is key. One increasingly popular option for real estate investors is the Debt-Service Coverage Ratio (DSCR) loan.

What is a DSCR Loan?

A DSCR loan is a type of financing tailored for real estate investors. Unlike traditional loans that heavily rely on personal income and employment verification, DSCR loans evaluate the property's income potential. The focus is on whether the rental income can cover the property’s debt obligations, such as mortgage payments,…

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Understanding the Complexities of Financing a Condo on the Gulf Coast

Financing Beach Condos Contel

Purchasing a condo on the Gulf Coast, particularly in areas like Orange Beach, can be both exciting and challenging. As a real estate advisor specializing in this region, it's important to understand the complexities involved in financing a condo, especially since Fannie Mae and Freddie Mac no longer offer loans for many of these beachfront properties. The reason behind this shift is that many condos along the beach are classified as "condo-tels" (condo hotels) and are non-warrantable, making traditional financing much more difficult. Here’s why.

What is a Condo-tel?

A condo-tel is a condominium property that operates similarly to a hotel, allowing owners to rent out their…

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Why Pre-Qualification with a Local Lender is Key for Gulf Coast Property Searches

As an expert real estate advisor in Orange Beach, I want to share a story about a client who missed out on a property because he was not prequalified. When he called me, he was eager to find an oceanfront condo and mentioned planning to obtain a loan. I emphasized the importance of getting prequalified by a local lender before we started looking at properties.

Orange Beach Al Home Financing Prequalification

Despite my advice, my client decided to start viewing condos without prequalification. Over the weekend, he and his wife found a beautifully furnished unit with stunning views that they fell in love with. He was eager to make an offer and asked me to start drafting it. I reminded him again to contact the…

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Mastering the Market: Investing in Older Beach Condos in Orange Beach, Gulf Shores, and Perdido Key

Investing in an older beach condo can be an appealing option due to its character, potential cost savings, and often prime location. However, there are several complexities, particularly related to financing and insurance, that you need to navigate. Understanding these challenges can help you make a more informed decision and prepare accordingly.

Purchasing Old Condos in Orange Beach and the Gulf Coast

1. **Financing Challenges with Freddie Mac and Fannie Mae**

One of the first hurdles when purchasing an older beach condo is securing financing. Condominiums, especially older units by the beach, often do not qualify for loans typically backed by Fannie Mae or Freddie Mac due to their stricter…

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