Success at Colony Villas: Conforming Loans Possible After Removal of “Condotel” Status
As many owners and would-be buyers know, obtaining financing for a purchase at Colony Villas condos has not always been easy. In a recent purchase at Colony Villas, I worked diligently with a team of specialists including: the AOAO, the title company, the colony villas property manager, and a very persistent representative at Wells Fargo Home Mortgage (kudos to her) to have the classification of condotel removed so that buyers at Colony Villas can now qualify for conforming loans.
Colony Villas had been incorrectly classified by Fannie Mae and Freddie Mac as a condohotel ever since Aston was the on-site manager. Colony Villas now has an accurate designation with those two federal institutions.
That successful transaction has opened new doors and changed the future financing landscape for this entire condominium complex.