What's your scenario?

When it comes to getting a mortgage, you've got more options than you think. Everyone's situation is different. Tell me your scenario below, and I'll present you with all your options.
Close this form
close

407-704-8729

Questions? Give us a call or chat now!
Ready for your free, no-obligation personalized rate quote?
Get Started Today

Types of Ownership

Below is a list of some of the different types of ownership with it comes to buying a home in Florida:

Condominiums

The owner, or estate holder, of a condominium only owns what is referred to as the “living unit”. The living unit is where the owner physically resides on the property. The roof, grounds, sidewalks, hallways, parking lots and driveways are owned by a Condominium Association. In exchange for upkeep and certain amenities, the homeowner pays dues or membership fees to the condominium association. While many condominiums are structured in similar ways, the term ‘condominium’ refers to the type of ownership, not how the building is constructed. A detached single-family building may also be a condominium.

Fee Simple Estate

The estate most commonly held by homeowners is the fee simple estate. In a fee simple estate, the owner or owners are entitled to the entire property and all the rights associated with holding that property. This means you can do anything with that property that is allowed by federal and state law, including selling it, mortgaging it, renting it, or giving it away. Depending on the locale, you are also usually allowed to build on the property, remodel it, or make improvements. You may also give away any portion of your rights over the land, timber, or other resources on the property. When a fee simple estate holder dies, the property may be passed onto their heirs.

Leasehold Estate

A leaseholder estate is when the owner of a property decides to grant temporary rights over the property to another person; generally a tenant or renter. Leases are agreements between the owner and the tenant, and grant the tenant certain rights for a specific period of time. The owner also has the right to place certain restrictions on how the tenant may utilize the property or resources. A lease contract consists of the terms of rental and other promises made by both the owner and the tenant. A leasehold estate may also pass to the heirs of the estate property owner.

When it comes to getting a mortgage

you have more options than you think

  • FHA loan requirements 2017 in Florida (Frequently asked questions)

    What is the maximum loan amount/limit 2017? Maximum loan amount vary by county for traditi READ MORE
  • No Closing Cost Mortgage Home Loan

    What is a no closing cost mortgage? A no closing cost mortgage is simply an option that is READ MORE
  • #1 mistake when searching “Mortgage Rates Today”

    #1 mistake when searching “Mortgage Rates Today” The #1 mistake consumers make with th READ MORE
  • Call Today! (407) 704-8729 Hours: 8:30am to 9:00pm EST

  • © 2016 Copyright © 2016 Copyright Florida Home Funding

    Sondi And Associates, Inc. dba Florida Home Funding. NMLS ID: 870878 Location: 390 N Orange Ave #2125, Orlando, FL 32801 | Phone: (407) 704-8729

    Content provided by The information provided on this site is for basic informational purposes only and IS NOT intended as a substitute for professional or legal advice.
  • Explore Florida Home Funding