A conventional mortgage for a condominium in Florida requires the conventional mortgage down payment of 20 percent. While the 20 percent rule is not unique to Florida or to condominiums, it holds pretty firm for this type of property in the Sunshine State.
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List of FHA approved condos in FLORIDA. Condominium Name Street Address Expiry date fha% 1951 market street condominium
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Not many. HUD states only about 10,000 of the nation’s 144,000 condo projects are FHA-approved, according to a recent Washington Post article. FHA removed most condo complexes from its approved list in December 2010. Any condo that went through the process prior to October 2008 was kicked off the list and forced to re-apply.
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In 2010, a condo complex didn’t even need to be FHA approved to buy a unit there. The lender would request what was called a "spot approval," which was a short questionnaire. The condo management would answer a few simple questions such as how many units were rented, and if anyone owned more than 10 percent of the project.
During 2009, HUD published a series of new guidelines that dramatically changed the FHA approval process for condominiums. The most significant changes were as follows: Each condominium project as a whole must now obtain FHA approval before any individual unit in the project will be eligible for FHA financing.
A condo MUST be in an approved project-and the approval list is short! If you are interested in purchasing a condominium, you may find that your ability to get an FHA loan is extremely limited. In order for the FHA to make a loan in a condominium project, the project itself must first be approved by the FHA.