Home Buying in Miramar>Question Details

Leonard Rodr…, Real Estate Pro in 33139

There has been a large shortage if any of available condos accepting FHA loans in broward Florida, why? Will they re apply? Do they benefit?

Asked by Leonard Rodriguez, 33139 Thu Jan 3, 2013

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Susan J. Penn, PA, Realtor’s answer
Just look around you at the housing crisis. There lies your answer. FHA is not your answer anymore when it comes to condos. I have found one that will take 10 % down payment instead of 20%.

Susan Penn, PA, SFR, CDPE http://about.me/HomesForSale_SusanJPennPA
EWM Realtors® | A HomeServices of America Company | An Affiliate of Berkshire Hathaway
2000 Main Street, Suite 103 | Weston, FL 33326
T: 954.306.7337 | C: 954.557.5993 | F: 954.515.0200 | penn.s@ewm.com | http://www.ewm.com
0 votes Thank Flag Link Sun Mar 10, 2013
Even if the condos applied for FHA approval (and they should because it increases the prices of units), most of the boards might still require the higher (20%) downpayment of conventional financing, in order to ensure that buyers are more financially secure and stable.
0 votes Thank Flag Link Fri Jan 4, 2013
For the purchase of a condominium to receive a FHA loan (which means FHA insures the mortgage) the condominium must have applied for FHA approval. Most condominiums developers didn't apply for FHA approval and now the condo does not qualify.
0 votes Thank Flag Link Thu Jan 3, 2013
There are other programs available with low cash down,( it mentioned below)but most condos would not qualify as of now the same reason why banks dont approve FHA on condos.
Hope fully the trend will change.
0 votes Thank Flag Link Thu Jan 3, 2013
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Qualified buyers can purchase a condo with 5% +$1,000 out of pocket in FL

See programs here: http://www.pro-option.com

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0 votes Thank Flag Link Thu Jan 3, 2013
the main reason is in order to qualify for FHA, the condo needs to have a reserve fund considered sufficient....... and a certain percentage of resident owners versus renters. You can go to FHA.gov for more answers! Good Luck!
0 votes Thank Flag Link Thu Jan 3, 2013
There are no condominiums at the present time or for the past few years taking anything other than conventional financing. Why? The answers lies in the depressed market, where the government tightened up on their loans.

You need to save your money so you will have a 20 % down payment and another 5% of your purchase price for closing costs.

Good Luck!
Susan Penn, PA, SFR, CDPE http://about.me/HomesForSale_SusanJPennPA
EWM Realtors® | A HomeServices of America Company | An Affiliate of Berkshire Hathaway
2000 Main Street, Suite 103 | Weston, FL 33326
T: 954.306.7337 | C: 954.557.5993 | F: 954.515.0200 | penn.s@ewm.com | http://www.ewm.com
0 votes Thank Flag Link Thu Jan 3, 2013
Hi Leorod,
Couple of possibilities: the ratio of owners vs. renters is too low; high number of owners who stopped paying the HOA maintenance fees; too many foreclosures in the development....
With enthusiasm,,

Meir Aloni & Team

CRS (Certified Residential Specialist)

CDPE (Certified Distressed Property Expert)

RECS (Real Estate Cyberspace Society)

Successfully selling Broward County since 1986!

Direct phone# 954-338-5220 http://www.WeSellBroward.com

All Star Realty Inc.
0 votes Thank Flag Link Thu Jan 3, 2013
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