Tony, The FHA requirements have to do with things like; at least 51% of all apartments in the building have to be owner occupied and only a certain % of apartments can be behind on their HOA dues. The smaller buildings would have a better chance of passing. It is definately going to be a while before the 20% down payment requirement changes. I think the market will have to bottom out first and then recreate itself. Definately keep me updated on your success and if you get a building FHA approved, please let me know!!

Regards,
Debbie

Hi Debbie, here's the latest: We've found 2 properties that might qualify, at least according to our mortgage broker. Now, i have no idea how FHA verifies but I did put an offer in on 1 yesterday and am waiting to hear back. I'll let all know if it works. I just don't see how Miami Beach is going to recover with the 20% down requirement. Good luck to you! -- Tony

Hi Tony,

I asked this same question a few months back. The days of spot approval are over in Miami Beach these days because it is a declining market. So many people are behind in the HOA dues, it puts the buildings on the verge of bankruptcy, so no lender will finance them without a large downpayment. You cannot buy anything with less than 20% down now unless it is a HUD approved building. Below is the link of HUD approved condos nationwide, however there are only 2 approved in 33139. If you find a condo that you love, your lender must go thru the process of trying to get it HUD approved. I believe the process is that they will go directly to the condo association to get the info they need and apply to HUD to get it approved. Then you can apply for the FHA loan at 3.5% down. I decided to rent for a year instead.

https://entp.hud.gov/idapp/html/condlook.cfm

Good luck,
Debbie (in NYC soon to be in SoBe)

Hi Tony,
I saw your response to all of us, and I have to agree with th mortgage broker below tha you definalty should be ble to buy a condo that is in a stable building with 3.5% down . You may have to pay a point upfornt or havea bit higher interest rate that teh rock bottom, but it can be done. I have worked with buyers recdently who have been approved.
You need to shop around for as many mortgage brokers as you can, some have access to products that others do not.

Don't give up!

Beth Jenkins
Soth Floida Brokers
786-374-4778

Tony,
You should be able to get an FHA loan for 3.5% down for this condo, unless this is going to be investment property. Call me anytime if you need my help.

Frank Olguin
Mortgage Banker
AmericaHomeKey Inc.
500 W. Cypress Creek Rd, Suite 330
Fort Lauderdale, FL. 33309
Folguin@americahomekey.com
Hablo Espanol
office 954-771-7715 x104
cell 561-386-9731
pfax 954-379-4469
Florida Mortgage Lender
No. ML0700325

Thanks for all the expert advice! I want to clarify: My DTI ratio is 33% and in the same, secure job for the last 21 years. I am currently working with 4 different mortage brokers of which 2 have come back and said I must put 20% down. I think Melissa Antenucci (the first respondant) summed it up correctly "...it is because you are buying a condo in Florida. Due to current economic conditions they are view as high risk right now." This means no PMI with less than 20% down. Anyone who knows of a property under $350K for sale where the title lists it as a single family dwelling, let me know. I've qualified for a SFD for that amount with only 5% down. Now, doesn't this have a larger implication on the Miami real estate/economic recovery, as in no condo sales on Miami Beach? Thanks, Tony

I suggest you deal with a mortgage broker, not a bank. I am quite sure you will find a loan.
Jean-Pierre Angel
Exclusive Buyer Agent in the Greater Boston area for the last 15 years
RealEstate.com REALTORS
angeljp@aol.com
617-924-9136
cell: 617-230-7045
FAX: 617-393-1664

good morning.....first .the condo approval for fha is now gone as long as it is a detached condo.......if it is an attached condo, then the spot or fha approval still applies.......second, i can't understand why you are having trouble getting approved, unless it's a debt ratio issue or something we don't yet know.......best of luck.bob mclcure- success mortgage partners- plymouth, michigan......

Hi Tony,
I don't really understand why, are you a first time buyer? You should qualify if you are and you would be eligable for the 8k tax credit, which can be used for the down payment.
The condo is a probem if it is not approve, it must have less than 10% of the units in foreclosure and less than 15% delinquent maintenanc fees.
I cancertainly refer you toseveral mortgage brokers, and the condo itslef is a matter of finding several you like from what a realtor knows are approved. That takes a little homework and calling to find that out at times, but it can be done.

If you would lkike to contact me directly I would be glad to make the suggestions,

Beth Jenkins
South Florida Brokers
786-374-4778

Hi Tony,
Your income depends on if you are self employed and how much you right off which then becomes your adjusted gross income. The issues you are having are not because of you or your income/fico it is because you are buying a condo in Florida. Due to current economic conditions they are view as high risk right now and that is why the large deposit. If you were buying a townhouse or single family you would be only be required to put the FHA 3.5% or as much as you would like over that. I hope this helps.

Melissa Antenucci
Ameritrust Mortgage
561-417-9221