Clearwater, FL Mortgage Broker

Beach condos and second homes

Clearwater Beach and the barrier islands are full of condos, and a lot of buyers are purchasing a second home or a place to retire. A few things to know:

• Second home vs. investment. A second home loan is usually priced better than an investment loan, but it comes with rules about how the home is used. If you plan to rent it out often, we may need to look at it as an investment property instead.
• Condo approvals. Florida’s newer condo safety and reserve rules have changed which buildings are easy to finance. I check the building’s status early.
• Wind and flood insurance. Coastal condos and homes carry higher insurance costs, and condo associations carry their own master policies. Both affect your payment.

Mainland Clearwater

Away from the beach, neighborhoods like Countryside and the areas toward Dunedin and Safety Harbor offer established single-family homes. Many were built decades ago, so roof age and four point inspections come up often with insurers.

Retiring to Clearwater

A lot of buyers move here at the point in life where their income drops but their savings are strong. An asset depletion loan can turn savings and investments into qualifying income, so you are not stuck trying to qualify on a Social Security check alone.

Veterans

Pinellas County has a large veteran community. A VA loan works on Clearwater homes and on VA approved condos.

Popular loans in Clearwater

• Conventional LoansCompetitive pricing for solid credit, with options for second homes and investment property.
• VA LoansLittle or nothing down for eligible buyers, no monthly mortgage insurance, and the strongest benefit most buyers will ever have.
• Asset Depletion LoansRetired or asset-rich? Turn savings and investments into qualifying income.
• DSCR LoansQualify on the property's rent, not your tax returns. Close in an LLC.