Understanding the Complexities of Financing a Condo on the Gulf Coast
Posted by Meredith Folger Amon on
Understanding the Complexities of Financing a Condo on the Gulf Coast
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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